USDCHF Movement
For the 24 hours to 23:00 GMT, the USD declined marginally against the CHF and closed at 0.9263.
Meanwhile, the KOF Institute reported that, the economists forecasted 1.2% growth for the Swiss economy next year, down from 1.3% growth predicted in the September survey. The economists expect the GDP to grow 0.9% this year. Moreover, Swiss exports are forecasted to grow 2.2% in 2013, weaker than 2.6% growth predicted in the previous survey. Capital investment is now forecasted to grow just 1.3%, down from the earlier forecast of 1.9%.
In the Asian session, at GMT0400, the pair is trading at 0.9274, with the USD trading 0.12% higher from yesterday’s close.
The pair is expected to find support at 0.9249, and a fall through could take it to the next support level of 0.9225. The pair is expected to find its first resistance at 0.9299, and a rise through could take it to the next resistance level of 0.9325.
In the absence of any key economic releases in Switzerland investors await the ECB monetary policy statement and GDP data in the Euro-zone for further cue in Europe.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
