USDCHF Movement
For the 24 hours to 23:00 GMT, the USD rose 0.51% against the CHF and closed at 0.9371.
Yesterday, the SNB President, Thomas Jordan, signalled that the central bank stands prepared to intervene in the foreign exchange market to combat the “overvalued” Swiss Franc, which was posing a threat to various sectors exposed to international competition.
In the Asian session, at GMT0400, the pair is trading at 0.9358, with the USD trading 0.14% lower from yesterday’s close.
The pair is expected to find support at 0.9307, and a fall through could take it to the next support level of 0.9257. The pair is expected to find its first resistance at 0.9393, and a rise through could take it to the next resistance level of 0.9428.
Going forward, Switzerland’s ZEW economic expectations data, scheduled in a few hours would be closely monitored by the market participants.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
