USDCHF Movement
On Friday, the USD rose 0.89% against the CHF and closed at 0.9070.
In economic news, the Swiss regulators stated that they are investigating several banks for allegedly manipulating some foreign-exchange rates. Separately, the Swiss Financial Market Supervisory Authority also indicated that it would co-ordinate closely with authorities in other countries as multiple banks around the world are potentially implicated due to the foreign exchange manipulation.
In the Asian session, at GMT0300, the pair is trading at 0.9049, with the USD trading 0.23% lower from Friday’s close.
The pair is expected to find support at 0.8990, and a fall through could take it to the next support level of 0.8930. The pair is expected to find its first resistance at 0.9096, and a rise through could take it to the next resistance level of 0.9142.
Traders are expected to keep a close watch on Switzerland’s foreign currency reserves data, scheduled to release later during the day, for further guidance in the Swiss Franc.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
