USDCHF Movement
On Friday, the USD declined 0.10% against the CHF and closed at 0.8753.
During an interview in Washington, the Swiss National Bank (SNB) President Thomas Jordan, opined that the Swiss Franc still remains highly valued and as a result highlighted the importance for maintaining the minimum exchange rate on the Franc in order to maintain adequate monetary conditions in Switzerland and to prevent the economy from falling back into negative inflation.
In the Asian session, at GMT0300, the pair is trading at 0.8770, with the USD trading 0.19% higher from Friday’s close.
The pair is expected to find support at 0.8749, and a fall through could take it to the next support level of 0.8728. The pair is expected to find its first resistance at 0.8784, and a rise through could take it to the next resistance level of 0.8798.
Amid lack of major economic releases in Switzerland, traders would eye global economic news along with the US retail sales data for further cues in the currency pair.
The currency pair is trading just above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
