USDCHF Movement
For the 24 hours to 23:00 GMT, the USD rose 0.13% against the CHF and closed at 0.8735, following an upbeat US industrial production data.
Yesterday, a monthly survey from Bloomberg, showed that majority of the economists believed that the Swiss National Bank (SNB) would stick to its expansive policy for at least another year. Nearly half of the analysts opined that the SNB would keep the Swiss Franc cap of 1.20 per EUR until 2016 while the other half projected the central bank to abandon the Franc cap next year at the earliest.
In the Asian session, at GMT0400, the pair is trading at 0.8729, with the USD trading 0.07% lower from yesterday’s close.
The pair is expected to find support at 0.8709, and a fall through could take it to the next support level of 0.8690. The pair is expected to find its first resistance at 0.8753, and a rise through could take it to the next resistance level of 0.8778.
Market participants are expected to keep a tab on the release of the Swiss SECO economic forecasts, a study of forecasts of major GDP components.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
