USDCHF Movement
For the 24 hours to 23:00 GMT, the USD rose 0.41% against the CHF and closed at 0.8982.
According to the Federal Customs Administration, Switzerland’s trade surplus narrowed unexpectedly to CHF2.11 billion in November, compared to a revised surplus of CHF2.28 billion recorded in the preceding month. Markets were expecting the Swiss trade surplus to widen to CHF2.80 billion in November. Meanwhile, the Swiss government agency SECO in its latest economic forecasts upgraded the nation’s economic outlook, citing strong consumer spending. SECO revised its 2013 Swiss gross domestic product (GDP) forecast to 1.9% growth rate, from its previous estimate of 1.8% growth, while maintaining its projection for growth in 2014 at 2.3%.
In the Asian session, at GMT0400, the pair is trading at 0.8990, with the USD trading 0.09% higher from yesterday’s close.
The pair is expected to find support at 0.8953, and a fall through could take it to the next support level of 0.8916. The pair is expected to find its first resistance at 0.9010, and a rise through could take it to the next resistance level of 0.9030.
With no economic releases scheduled today, the pair would take direction from global news. Market participants are expected to keep a close tab on the monthly Statistical Bulletin released by Swiss National Bank and the UBS consumption indicator, slated to release on Monday.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
