USDCHF Movement
For the 24 hours to 23:00 GMT, the USD rose 0.37% against the CHF and closed at 0.9923.
On the economic front, Switzerland’s trade surplus rose to a level of CHF 4.37 billion in September, recording its highest since at least 1987, indicating that the nation has weathered a currency market shock that sent the Swiss franc soaring. The nation posted a revised trade surplus of CHF 3.01 billion in the previous month. Additionally, the nation’s exports rose by 4.3% MoM in September, after recording a revised drop of 1.9% in the previous month. Meanwhile, the nation’s imports eased by 3.3% on a monthly basis in September, following a revised decline of 3.9% in the prior month.
In the Asian session, at GMT0300, the pair is trading at 0.9948, with the USD trading 0.25% higher against the CHF from yesterday’s close.
The pair is expected to find support at 0.9875, and a fall through could take it to the next support level of 0.9803. The pair is expected to find its first resistance at 0.9986, and a rise through could take it to the next resistance level of 1.0025.
Moving ahead, market participants will keep a close watch on Switzerland’s UBS consumption indicator for September and KOF leading indicator for October, both scheduled to be released next week.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
