USDCHF Movement
For the 24 hours to 23:00 GMT, the USD rose 0.74% against the CHF and closed at 0.9515.
Yesterday, the Swiss National Bank (SNB), at its March monetary policy meeting, opted to keep the benchmark deposit rate steady at -0.75%, in line with market expectations. In its policy statement, the central bank reiterated its willingness to intervene in the currency markets as the Swiss Franc is still overvalued. Further, the SNB expects the Swiss economy to expand around 2.0% this year, citing a broader pickup in the global economy.
On the macro front, Switzerland’s producer and import price index grew 0.3% on a monthly basis in February. In the prior month, the index had registered a similar rise.
In the Asian session, at GMT0400, the pair is trading at 0.9507, with the USD trading 0.08% lower against the CHF from yesterday’s close.
The pair is expected to find support at 0.9459, and a fall through could take it to the next support level of 0.9412. The pair is expected to find its first resistance at 0.9537, and a rise through could take it to the next resistance level of 0.9568.
Next week, investors would closely monitor Switzerland’s trade balance and the SECO economic forecasts report.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
