USDCHF Movement
On Friday, the USD 0.27% against the CHF and closed at 0.8938.
In economic news, annual consumer inflation rate in Switzerland rose more than market expectations to 0.2% in May, for the first time since November 2013. Meanwhile Swiss industrial production increased at a monthly faster pace of 0.5% in the first quarter of 2014 while foreign currency reserves in Switzerland rose to a level of CHF444.4 billion in May.
In the Asian session, at GMT0300, the pair is trading at 0.8936, with the USD trading a tad lower from Friday’s close.
The pair is expected to find support at 0.8913, and a fall through could take it to the next support level of 0.8889. The pair is expected to find its first resistance at 0.8956, and a rise through could take it to the next resistance level of 0.8975.
With no major economic releases in Switzerland, on account of a Whit Monday holiday, traders would eye global economic news for further cues in the Swiss Franc.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
