USDCHF Movement
For the 24 hours to 23:00 GMT, the USD rose 0.22% against the CHF and closed at 0.9989.
Macroeconomic data revealed that Switzerland’s real retail sales declined 1.8% on an annual basis in March, after recording a drop of 0.2% in the previous month.
On the contrary, the nation’s SVME manufacturing PMI unexpectedly climbed to a level of 63.6 in April, confounding market expectations for a fall to a level of 59.8. The PMI had recorded a reading of 60.3 in the prior month.
In the Asian session, at GMT0300, the pair is trading at 0.9976, with the USD trading 0.13% lower against the CHF from yesterday’s close.
The pair is expected to find support at 0.9942, and a fall through could take it to the next support level of 0.9908. The pair is expected to find its first resistance at 1.0005, and a rise through could take it to the next resistance level of 1.0034.
Later today, a speech by the SNB Chairman, Thomas Jordan, will be eyed by market participants.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
