USDCHF Movement
For the 24 hours to 23:00 GMT, the USD rose 0.30% against the CHF and closed at 0.8985, buoyed by the latest batch of strong manufacturing PMI data from the US economy. On the other hand, the Swiss Franc declined after the Swiss SVME PMI fell more-than-expected to a figure of 52.5 in May, its lowest level since June 2013.
In the Asian session, at GMT0300, the pair is trading at 0.8984, with the USD trading a tad lower from yesterday’s close.
The pair is expected to find support at 0.8959, and a fall through could take it to the next support level of 0.8933. The pair is expected to find its first resistance at 0.9003, and a rise through could take it to the next resistance level of 0.9021.
Amid lack of major economic releases from the Swiss economy, traders are expected to keep a tab on global economic news for further guidance in the currency pair.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
