USDCHF Movement
For the 24 hours to 23:00 GMT, the USD declined 0.18% against the CHF and closed at 0.9455, after official data indicated that retail sales and producer prices in the US dropped in October. The greenback also came under pressure, after the President of the Federal Reserve (Fed) Bank of San Francisco, John Williams, indicated that he foresees the central bank pursuing its third round of quantitative easing until late next year, as he does not foresee a substantial improvement in the US labour market.
Meanwhile in Switzerland, ZEW survey expectations index rose to a reading of -27.9 in November, from a reading of -28.9 in the previous month.
In the Asian session, at GMT0400, the pair is trading at 0.9450, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 0.9423, and a fall through could take it to the next support level of 0.9397. The pair is expected to find its first resistance at 0.9476, and a rise through could take it to the next resistance level of 0.9502.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
