USDCHF Movement
For the 24 hours to 23:00 GMT, the USD marginally declined against the CHF and closed at 0.8733.
Yesterday, the Swiss State Secretariat for Economic Affairs (SECO) reaffirmed its previous assessment of the economic upturn in Switzerland and indicated that the economy was likely to further strengthen in 2014 and 2015. However, the SECO revised down its Swiss growth forecast to 2.2% in 2014 from its earlier prediction of a 2.3% growth.
In the Asian session, at GMT0400, the pair is trading at 0.8737, with the USD trading 0.05% higher from yesterday’s close.
The pair is expected to find support at 0.8716, and a fall through could take it to the next support level of 0.8695. The pair is expected to find its first resistance at 0.8764, and a rise through could take it to the next resistance level of 0.8791.
Trading trends in the pair today are expected to be determined by ZEW Survey Expectations to be released later today, which would indicate the outlook of the Swiss economy.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
