USDCHF Movement
For the 24 hours to 23:00 GMT, the USD marginally declined against the CHF and closed at 0.8980.
Yesterday, the Swiss National Bank (SNB) and the People’s Bank of China (PBoC) reached a currency swap agreement, a move that would assist both the central banks to buy and sell their currencies up to CHF 21.0 billion and would also permit the SNB to invest in the Chinese bond market.
On the economic front, the SNB indicated that M3 money supply in Switzerland advanced 4.0% in June, on an annual basis, compared to a revised 8.1% increase recorded in the previous month.
In the Asian session, at GMT0300, the pair is trading at 0.8982, with the USD trading tad higher from yesterday’s close.
The pair is expected to find support at 0.8972, and a fall through could take it to the next support level of 0.8961. The pair is expected to find its first resistance at 0.8992, and a rise through could take it to the next resistance level of 0.9001.
Trading trends in the Swiss Franc today would likely be determined by the trade balance data from Switzerland, which would be released later during the day.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
