USDCHF Movement
For the 24 hours to 23:00 GMT, the USD marginally declined against the CHF and closed at 0.9106.
The Swiss National Bank (SNB) President, Thomas Jordan, yesterday stated that even now the Swiss Franc is a highly valued currency and that the central bank’s cap on the currency remains an indispensable part of the monetary policy, required to limit risks to the economy.
On the data front, the Swiss M3 money supply climbed 10.4% (YoY) in August, slower compared to a 10.8% rise reported in the previous month.
In the Asian session, at GMT0300, the pair is trading at 0.9108, with the USD trading tad higher from yesterday’s close.
The pair is expected to find support at 0.9084, and a fall through could take it to the next support level of 0.9059. The pair is expected to find its first resistance at 0.9132, and a rise through could take it to the next resistance level of 0.9155.
Traders are keeping a track of global economic news for further direction in the pair, amid lack of economic releases in Switzerland.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
