USDCHF Movement
For the 24 hours to 23:00 GMT, USD declined 0.81% against the CHF and closed at 0.9234.
On the economic front, Switzerland’s State Secretariat for Economics (SECO) improved its growth prospects to 0.8% for 2012, up from a December forecast of 0.5%, stating that with Euro- zone’s debt crisis easing there was a good chance for the growth prospects.
Separately, the Swiss National Bank (SNB) decided to maintain its three-month Libor rate close to zero as expected and stated that it would continue to enforce the minimum exchange rate of CHF1.20 per Euro.
In the Asian session, at GMT0400, the pair is trading at 0.9224, with the USD trading 0.11% lower from yesterday’s close.
The pair is expected to find support at 0.9177, and a fall through could take it to the next support level of 0.9131. The pair is expected to find its first resistance at 0.9295, and a rise through could take it to the next resistance level of 0.9365.
The economic calendar being almost empty today, the Swiss Franc is expected to ride on other market cues.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
