USDCHF Movement
For the 24 hours to 23:00 GMT, the USD declined 0.45% against the CHF and closed at 0.9470. Yesterday, the Swiss National Bank (SNB) retained the currency ceiling at CHF1.2 per euro. The central bank also left its benchmark interest rate unchanged at 0% to 0.25%. However, the SNB warned about downside risks to the economy, citing that the Swiss Franc is still high and that it was ready to take more easing steps if necessary.
In the Asian session, at GMT0400, the pair is trading at 0.9469, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 0.9424, and a fall through could take it to the next support level of 0.9379. The pair is expected to find its first resistance at 0.9541, and a rise through could take it to the next resistance level of 0.9613.
Later in the day, Switzerland is to release government data on producer price inflation, of which investors hope for a monthly rise in prices.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
