USDCHF Movement
For the 24 hours to 23:00 GMT, USD rose 1.34% against the CHF and closed at 0.9199.
The KOF economic institute reported that the Switzerland’s economy should pick up steam this year despite the strong Swiss franc, prompting the Swiss National Bank to raise interest rates in mid-2011. According to their assessment, the economy would expand by 2.8% this year following the expansion of 2.6% in 2010. They expected inflation to average 0.7% this year and rise to 1.2% in 2012. Unemployment is expected to continue to decline amid the recovery from the average 3.9% in 2.10 and to drop to 3.0% this year and 2.7% in 2012.
In the Asian session, at 3:00GMT, the pair is trading at 0.9206, 0.08% higher from the New York session close.
The pair has its first short term resistance at 0.9267, followed by the next resistance at 0.9328. The first area of support is at 0.9109 levels, with the subsequent support at 0.9012.
With no major release from Switzerland, the pair is expected to trade on trends in the greenback.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
