USD/CHF: Swiss Franc cementing gains

USD CHF

USDCHF Movement

For the 24 hours to 23:00 GMT, USD declined 0.89% against the CHF and closed at 0.8723.

In the US, the mortgage application volume increased 1.1% for the week ended 20 May 2011 from one week earlier, as reported by Mortgage Bankers’ Association.

In the Asian session, at 3:00GMT, the pair is trading at 0.8712, 0.13% lower from the New York session close.

The pair has its first short term resistance at 0.8785, followed by the next resistance at 0.8858. The first area of support is at 0.8670 levels, with the subsequent support at 0.8628.

Trading trends in the pair today are expected to be determined by release of data on trade balance and employment level in Switzerland.

The currency pair is trading below its 20 Hr and its 50 Hr moving averages.

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