USDCHF Movement
For the 24 hours to 23:00 GMT, USD rose 0.42% against the CHF and closed at 0.8530, as poor economic growth dampened the speculation that the Swiss National Bank would raise borrowing costs.
In Switzerland, the gross domestic product, on quarterly basis, rose by 0.3% in the first quarter of 2011, following a 0.8% growth in the last quarter of 2010. Additionally, the UBS consumption indicator declined to 1.58 in April from 1.66 in March.
In the Asian session, at 3:00GMT, the pair is trading at 0.8531, flat from yesterday’s close at 23:00 GMT.
The pair has its first short term resistance at 0.8564, followed by the next resistance at 0.8597. The first area of support is at 0.8484 levels, with the subsequent support at 0.8437.
Trading trends in the pair today are expected to be determined by data release on retail sales and purchasing manager’s index in Switzerland.
The currency pair is showing convergence with its 20 Hr and its 50 Hr moving averages.
