USDCHF Movement
For the 24 hours to 23:00 GMT, the USD rose 0.38% against the CHF and closed at 0.9955.
On the data front, Switzerland’s SVME manufacturing PMI unexpectedly advanced to a level of 61.9 in July, compared to market expectations for a fall to a level of 60.9. In the previous month, the PMI had recorded a reading of 61.6. Moreover, the nation’s real retail sales surprisingly climbed 0.3% on an annual basis in June, rising for the third consecutive month and compared to a revised gain of 0.4% in the previous month. Market participants had envisaged real retail sales to record a flat reading. On the other hand, the SECO consumer confidence index dropped sharply to -7.0 in July, defying market expectations for a steady reading. In the prior month, the index had recorded a reading of 2.0.
In the Asian session, at GMT0300, the pair is trading at 0.9956, with the USD trading slightly higher against the CHF from yesterday’s close.
The pair is expected to find support at 0.9930, and a fall through could take it to the next support level of 0.9904. The pair is expected to find its first resistance at 0.9971, and a rise through could take it to the next resistance level of 0.9986.
Moving ahead, traders will await Switzerland’s consumer price index for July, due to be released in a while.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
