USDCHF Movement
For the 24 hours to 23:00 GMT, the USD rose 0.94% against the CHF and closed at 0.9173, as traders increased their bets in the USD, after the minutes from Fed’s latest policy meeting, highlighted policymakers’ willingness to taper the size of its asset purchase programme at one of its next few policy meetings.
Meanwhile, in Switzerland, a report showed that the ZEW survey expectations surged to a level of 31.6 in November, surpassing analysts’ estimate for a rise to 30.0 and compared to previous month’s reading of 24.9.
In the Asian session, at GMT0400, the pair is trading at 0.9178, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 0.9113, and a fall through could take it to the next support level of 0.9047. The pair is expected to find its first resistance at 0.9218, and a rise through could take it to the next resistance level of 0.9257.
Later today, the Federal Customs Administration is expected to present Swiss trade balance data for October, which the market expects to have a reading of a surplus of CHF 2,450 million, compared to a surplus of CHF 2,494 million recorded in the previous month.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
