USDCHF Movement
On Friday, the USD rose 0.69% against the CHF and closed at 0.9637, amid speculation that the US Federal Reserve might scale back the pace of its quantitative easing programme later this year.
In Switzerland, consumer price index (CPI) rose 0.1% (MoM) in June, against market expectation of a 0.2% drop. Additionally, the EU harmonised consumer price index registered a 0.2% rise in June.
In the Asian session, at GMT0300, the pair is trading at 0.9663, with the USD trading 0.27% higher from Friday’s close.
The pair is expected to find support at 0.9597, and a fall through could take it to the next support level of 0.9530. The pair is expected to find its first resistance at 0.9699, and a rise through could take it to the next resistance level of 0.9734.
In today’s trading session, investors await Swiss industrial production data which is expected to show an annual improvement, whereas the unemployment rate in the nation is forecast to remain stable in June.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
