USD/CHF: Switzerland’s consumer prices fell for the sixth straight month in July


USDCHF Movement

For the 24 hours to 23:00 GMT, the USD rose 0.50% against the CHF and closed at 0.9175.

On the data front, Switzerland’s consumer price index declined 0.9% on a yearly basis in July, compared to a fall of 1.3% in the prior month. Meanwhile, the SVME Purchasing Managers’ Index climbed to 49.2 in July, less than market forecast for a rise to a level of 51.0 and compared to a reading of 41.9 in the earlier month.

In the Asian session, at GMT0300, the pair is trading at 0.9175, with the USD trading flat against the CHF from yesterday’s close.

The pair is expected to find support at 0.9130, and a fall through could take it to the next support level of 0.9084. The pair is expected to find its first resistance at 0.9231, and a rise through could take it to the next resistance level of 0.9286.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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