USDCHF Movement
For the 24 hours to 23:00 GMT, the USD declined 0.28% against the CHF and closed at 0.9238.
The Swiss National Bank (SNB) left its target range for the three-month Libor rate unchanged at 0.0%-0.25% and maintained its minimum exchange rate at CHF 1.20/€, and reiterated that it would uphold the measure “with the utmost determination”. Separately, in its December report, the State Secretariat for Economic Affairs (SECO), lowered its growth forecast for Switzerland to 1.3% in 2013, compared to a September forecast of a 1.4% growth. The Gross Domestic Product (GDP) projection for 2012 was left unchanged at 1.0%.
Additionally, on a monthly basis, the producer and import price index in Switzerland remained unchanged in November, following a 0.1% drop recorded in October.
In the Asian session, at GMT0400, the pair is trading at 0.9237, with the USD trading flat from yesterday’s close.
The pair is expected to find support at 0.9217, and a fall through could take it to the next support level of 0.9196. The pair is expected to find its first resistance at 0.9266, and a rise through could take it to the next resistance level of 0.9296.
With no major release from Switzerland, the pair is expected to trade on trends in the greenback.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
