USDCHF Movement
For the 24 hours to 23:00 GMT, the USD declined 0.08% against the CHF and closed at 0.9965. The Swiss Franc gained ground, after the Swiss GDP topped market expectations in Q4 2015, amidst uncertain global scenario and the appreciation of the Franc.
Data showed that Switzerland’s GDP rose by 0.40% QoQ in the Q4 2015, compared to a revised drop of 0.1% in the previous quarter. Markets expected the economy to grow by 0.1%.
In the Asian session, at GMT0400, the pair is trading at 0.9971, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 0.9948, and a fall through could take it to the next support level of 0.9925. The pair is expected to find its first resistance at 1.0002, and a rise through could take it to the next resistance level of 1.0033.
With no economic releases in Switzerland today, trading trend in the CHF would be governed by global macroeconomic news.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
