On Friday, the USD declined marginally against the CHF and closed at 0.9428. The Swiss National Bank (SNB) President, Thomas Jordan warned that there still exists a risk of a sudden upward pressure on the Swiss Franc’s foreign exchange rate. While he acknowledged that there exist some bright spots regarding the economic outlook, he indicated that it is clearly too early to become placid.
The Switzerland’s KOF Leading Indicator rose to a reading of 1.02 in March, from an upwardly revised reading of 1.00 registered in March.
In the Asian session, at GMT0300, the pair is trading at 0.9417, with the USD trading 0.12% lower from Friday’s close.
The pair is expected to find support at 0.9395, and a fall through could take it to the next support level of 0.9373. The pair is expected to find its first resistance at 0.9445, and a rise through could take it to the next resistance level of 0.9473.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.