USDCHF Movement
For the 24 hours to 23:00 GMT, the USD declined 0.41% against the CHF and closed at 0.9889.
In economic news, Switzerland’s seasonally adjusted GDP advanced less-than-anticipated by 0.1% QoQ in 1Q 2016, compared to a rise of 0.4% in the prior quarter. Markets were expecting GDP to rise 0.3%. Moreover, the nation’s real retail sales declined further by 1.9% in April, following a revised 1.6% fall in the previous month. On the other hand, Swiss SVME manufacturing PMI unexpectedly rose to a level of 55.8 in May, compared to market expectations of a fall to 54.0. In the previous month, it had recorded a reading of 54.7.
In the Asian session, at GMT0300, the pair is trading at 0.9866, with the USD trading 0.23% lower from yesterday’s close.
The pair is expected to find support at 0.9832, and a fall through could take it to the next support level of 0.9797. The pair is expected to find its first resistance at 0.9926, and a rise through could take it to the next resistance level of 0.9985.
Amid no economic releases in Switzerland today, investor sentiment would be governed by global macroeconomic news.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
