USDCHF Movement
For the 24 hours to 23:00 GMT, the USD rose 0.25% against the CHF and closed at 0.8993, as traders cheered a better-than-expected US consumer inflation data.
In Switzerland, producer and import price index fell 0.8% (YoY) for the eighth consecutive month in May. Meanwhile, the State Secretariat for Economics (SECO) slashed its growth estimates on the Swiss economy to 2.0% for 2014 and 2.6% for 2015, from its earlier projections of 2.2% and 2.7%, respectively.
In the Asian session, at GMT0300, the pair is trading at 0.8993, with the USD trading flat from yesterday’s close.
The pair is expected to find support at 0.8975, and a fall through could take it to the next support level of 0.8958. The pair is expected to find its first resistance at 0.9008, and a rise through could take it to the next resistance level of 0.9024.
Later today, traders are expected to keep a tab on ZEW’s June survey on the economic expectations of the Swiss economy.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
