USDCHF Movement
For the 24 hours to 23:00 GMT, the USD rose 0.20% against the CHF and closed at 0.8836, as an upbeat weekly jobless claims data and lingering optimism from the Fed Chief, Janet Yellen’s yesterday’s hawkish view on interest rate outlook, supported the demand for the US Dollar.
Meanwhile, in Switzerland, the Swiss National Bank (SNB) kept its interest rate unchanged at 0.0%, broadly in-line with market expectations and vowed to defend its 1.20 per EUR cap on the Swiss Franc, stating that the Swiss Franc still remains strong at current level. Additionally, the central bank slashed its projection on the annual consumer prices in the nation but at the very same time reiterated its estimates for the economy to register a 2% growth this year. Separately, data showed that trade surplus in the Swiss economy rose to CHF2.62 billion in February, compared to a surplus of CHF2.55 billion registered in the previous month.
In the Asian session, at GMT0400, the pair is trading at 0.8830, with the USD trading 0.07% lower from yesterday’s close.
The pair is expected to find support at 0.8797, and a fall through could take it to the next support level of 0.8764. The pair is expected to find its first resistance at 0.8866, and a rise through could take it to the next resistance level of 0.8902.
Market participants are expected to keep an eye on the Swiss M3 money supply data, due for release later today,
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
