USDCHF Movement
For the 24 hours to 23:00 GMT, the USD declined 0.42% against the CHF and closed at 0.9927.
In economic news, Switzerland’s seasonally adjusted trade surplus narrowed to CHF1.59 billion in August, following a revised surplus of CHF3.69 billion in the previous month.
The Swiss National Bank (SNB), in its latest monetary policy meeting decided to keep its benchmark interest rate unchanged at -0.75% as widely expected and lowered its growth forecast for 2019 to be in the range of 0.5% to 1.0% from 1.5% predicted in June, citing weaker global growth. Further, the central bank slashed its inflation forecast to 0.4% from 0.6% in 2019 and to 0.2% from 0.7% in 2020.
In the Asian session, at GMT0300, the pair is trading at 0.9910, with the USD trading 0.17% lower against the CHF from yesterday’s close.
The pair is expected to find support at 0.9880, and a fall through could take it to the next support level of 0.9850. The pair is expected to find its first resistance at 0.9960, and a rise through could take it to the next resistance level of 1.0010.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
