USDCHF Movement
On Friday, the USD rose marginally against the CHF and closed at 0.9065. The Swiss Franc gave up ground against its US counterpart, after Switzerland’s KOF leading indicator advanced to a reading of 1.85 in November, failing to meet market expectation for a rise to 1.88.
In the Asian session, at GMT0400, the pair is trading at 0.9050, with the USD trading 0.17% lower from Friday’s close.
The pair is expected to find support at 0.9028, and a fall through could take it to the next support level of 0.9006. The pair is expected to find its first resistance at 0.9071, and a rise through could take it to the next resistance level of 0.9092.
Traders keenly await the release of SVME – purchasing managers’ index data, which is widely expected to rise to a reading of 54.8 in November, from a level of 54.2 registered in October.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
