USDCHF Movement
For the 24 hours to 23:00 GMT, the USD marginally declined against the CHF and closed at 0.9841.
Macroeconomic data revealed that Switzerland’s seasonally adjusted gross domestic product (GDP) rose 0.6% on a quarterly basis in the three months to September, meeting market consensus. The GDP had posted a revised rise of 0.4% in the previous quarter. Moreover, the nation’s KOF leading indicator unexpectedly climbed to a level of 110.3 in November, defying market expectations for a drop to a level of 109.7 and compared to a revised level of 109.8 in the previous month.
On the other hand, the nation’s real retail sales fell 3.0% YoY in October. In the prior month, real retail sales had recorded a revised rise of 0.5%.
In the Asian session, at GMT0400, the pair is trading at 0.9839, with the USD trading slightly lower against the CHF from yesterday’s close.
The pair is expected to find support at 0.9809, and a fall through could take it to the next support level of 0.9780. The pair is expected to find its first resistance at 0.9875, and a rise through could take it to the next resistance level of 0.9912.
Moving ahead, market participants will closely monitor Switzerland’s consumer price inflation and unemployment rate data, both due to release next week.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
