USDCHF Movement
For the 24 hours to 23:00 GMT, USD declined 0.24% against the CHF and closed at 0.8731. Swiss Franc advanced against greenback, as investors anticipated that US interest rates would remain low for some time.
In the US, initial jobless claims rose by 25,000 to 429,000 for the week ended April 23rd from the previous week’s revised figure of 404,000. Additionally, the gross domestic product increased at an annual rate of 1.8% in the first quarter of 2011.
In the Asian session, at 3:00GMT, the pair is trading at 0.8736, 0.06% higher from the New York session close.
The pair has its first short term resistance at 0.8770, followed by the next resistance at 0.8803. The first area of support is at 0.8694 levels, with the subsequent support at 0.8651.
Trading trends in the pair today are expected to be determined by release of KOF leading indicator in Switzerland.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
