USDCHF Movement
For the 24 hours to 23:00 GMT, the USD declined marginally against the CHF and closed at 0.8920.
Yesterday, the SNB President, Thomas Jordan, citing the need for the alleviation of the “too-big-to-fail” issue, stated that the Swiss economy still remains vulnerable to risks posed by a potential failure of its two biggest banks, UBS AG and Credit Suisse Group AG.
In the Asian session, at GMT0300, the pair is trading at 0.8917, with the USD trading a tad lower from yesterday’s close.
The pair is expected to find support at 0.8906, and a fall through could take it to the next support level of 0.8894. The pair is expected to find its first resistance at 0.8935, and a rise through could take it to the next resistance level of 0.8952.
Amid lack of major economic releases, traders would eye global economic news, along with the minutes from the Fed’s latest policy meeting, for further cues in the currency pair.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
