USDCHF Movement
For the 24 hours to 23:00 GMT, the USD rose 0.36% against the CHF and closed at 0.9956.
In economic news, Switzerland’s SECO group indicated that the nation is likely to regain its economic momentum over the next two years, as state of the global economy gradually improves. The group lowered the nation’s GDP outlook slightly to 0.8% for 2015 from the earlier 0.9%, but left the growth outlook for next year unchanged at 1.5% and is expected to rise to 1.9% in 2017. Additionally, the group stated that consumer prices are set to fall 1.1% this year and 0.1% in 2016. For 2017, it sees an inflation rate of 0.2%.
In the Asian session, at GMT0400, the pair is trading at 0.9949, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 0.9914, and a fall through could take it to the next support level of 0.9879. The pair is expected to find its first resistance at 0.9988, and a rise through could take it to the next resistance level of 1.0027.
Going ahead, market participants will look forward to Switzerland’s trade balance and KOF leading indicator data, scheduled to be released next week.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
