USDCHF Movement
For the 24 hours to 23:00 GMT, USD rose marginally against the CHF and closed at 0.9696.
On the Swiss economic front, unemployment rate on a seasonally adjusted basis remained steady at 2.9% in July, in line with analysts’ expectations. Additionally, consumer price index eased 0.5% (MoM) in July, compared to a 0.3% fall in June. Seperately, Swiss National Bank reported that nation’s foreign currency reserves increased to CHF406.45 billion in July from CHF365.05 billion in the previous month.
In the Asian session, at GMT0300, the pair is trading at 0.9691, with the USD trading 0.05% lower from yesterday’s close.
The pair is expected to find support at 0.9664, and a fall through could take it to the next support level of 0.9637. The pair is expected to find its first resistance at 0.9712, and a rise through could take it to the next resistance level of 0.9733.
Later today, investors await SECO consumer confidence data in Switzerland, which is expected to rise in July.
The currency pair is showing convergence with its 20 and its 50 Hr moving averages.
