USDCHF Movement
For the 24 hours to 23:00 GMT, the USD rose 0.11% against the CHF and closed at 0.8907, as the latter lost ground after data showed that the Swiss producer and import price index fell by 0.3% (MoM) in April, defying market expectations for the index to remain unchanged at previous month’s flat reading.
In the Asian session, at GMT0300, the pair is trading at 0.8904, with the USD trading a tad lower from yesterday’s close.
The pair is expected to find support at 0.8871, and a fall through could take it to the next support level of 0.8838. The pair is expected to find its first resistance at 0.8949, and a rise through could take it to the next resistance level of 0.8994.
Market participants would eye global economic news for further guidance in the currency pair amid lack of economic releases in Switzerland, later today.
The currency pair is trading just below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
