USDCHF Movement
For the 24 hours to 23:00 GMT, the USD rose 0.41% against the CHF and closed at 0.9274. The Swiss Franc came under pressure, after the Swiss SVME PMI fell to a reading of 48.2, posting its first contraction in almost two years in January, compared to a revised level of 53.6 registered in previous month, while markets were anticipating the index to fall to 50.6, thus raising concerns over the health of the nation’s economy.
In the Asian session, at GMT0400, the pair is trading at 0.9289, with the USD trading 0.16% higher from yesterday’s close.
The pair is expected to find support at 0.9232, and a fall through could take it to the next support level of 0.9176. The pair is expected to find its first resistance at 0.9346, and a rise through could take it to the next resistance level of 0.9404.
Looking ahead, market participants would monitor Switzerland’s trade balance data, scheduled in few hours.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
