USDCHF Movement
For the 24 hours to 23:00 GMT, the USD declined 0.47% against the CHF and closed at 0.9957.
The Swiss National Bank (SNB), at its latest monetary policy meeting, kept the benchmark interest rate at -0.75% as widely expected. The central bank also reiterated that the Swiss Franc’s exchange rate is “significantly overvalued” and kept itself open to intervention in the foreign exchange market. Further, the bank continues to expect GDP growth of roughly 1.5% for 2017 and raised inflation forecast for 2017 to 0.3%, up from 0.1%, on the back of an increase in oil prices.
In the Asian session, at GMT0400, the pair is trading at 0.9965, with the USD trading 0.08% higher against the CHF from yesterday’s close.
The pair is expected to find support at 0.9939, and a fall through could take it to the next support level of 0.9912. The pair is expected to find its first resistance at 0.9999, and a rise through could take it to the next resistance level of 1.0032.
With no economic releases in Switzerland today, investors look forward to Switzerland’s SECO economic forecast, trade balance and SNB’s quarterly bulletin report, all due to release next week.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
