USDCHF Movement
For the 24 hours to 23:00 GMT, the USD declined 0.33% against the CHF and closed at 0.9143.
Yesterday, the Swiss National Bank (SNB) Board Member, Fritz Zurbruegg, stated that, the central bank “remains prepared to enforce the minimum exchange rate by buying foreign currency in unlimited quantities if necessary and to take further measures as required,” in order to defend the Swiss Franc, which according to him was still “highly valued.”
In economic news, Swiss trade surplus widened to CHF2,429 million in October, lesser than analysts’ expectation of a surplus of CHF2,450 million and compared to a surplus of CHF2,405 million registered in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 0.9150, with the USD trading 0.08% higher from yesterday’s close.
The pair is expected to find support at 0.9120, and a fall through could take it to the next support level of 0.9089. The pair is expected to find its first resistance at 0.9185, and a rise through could take it to the next resistance level of 0.9219.
Amid absence of domestic economic data in the rest of the week, traders would eye Q3 employment data, due on Monday.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
