USDCHF Movement
For the 24 hours to 23:00 GMT, USD declined 2.58% against the CHF and closed at 0.7652.
Swiss franc soared high against dollar as investors shifted to safe-haven assets over raised concerns about the slowing US economic recovery coupled with the Euro zone debt crisis.
In the economic news, the seasonally adjusted manufacturing Purchasing Managers’ Index (PMI) in Switzerland rose to a reading of 53.5 in July, compared to a reading of 53.4 posted in June. Additionally, the retail sales in Switzerland, on a seasonally adjusted annual basis, increased 7.4% in June, following a revised 3.9% drop recorded in May.
In the Asian session, at 3:00GMT, the pair is trading at 0.7674, 0.29% higher from yesterday’s close at 23:00 GMT.
The pair has its first short term resistance at 0.7805, followed by the next resistance at 0.7935. The first area of support is at 0.7574 level, with the subsequent support at 0.7473.
The currency pair is trading just below its 20 Hr and its 50 Hr moving averages.
