USDCHF Movement
For the 24 hours to 23:00 GMT, the USD rose 0.42% against the CHF and closed at 0.9794.
Yesterday, the SNB in its Q3 quarterly bulletin, reiterated that the Swiss Franc is still “significantly overvalued” and the central bank will intervene again in the currency markets if required.
Meanwhile, Switzerland’s Economy Minister, Johann Schneider-Ammann, backed the SNB’s efforts in trying to bring back the value of the Swiss Franc towards purchasing power parity against the Euro, as the elevated value of the Franc is weighing on the nation’s economy.
In the Asian session, at GMT0300, the pair is trading at 0.9788, with the USD trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 0.9745, and a fall through could take it to the next support level of 0.9701. The pair is expected to find its first resistance at 0.9822, and a rise through could take it to the next resistance level of 0.9856.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
