USDCHF Movement
For the 24 hours to 23:00 GMT, the USD declined 0.19% against the CHF and closed at 0.9620.
On the data front, Switzerland’s real retail sales plunged 19.9% on a yearly basis in April, compared to a revised fall of 5.8% in the previous month. Meanwhile, the SVME Purchasing Managers’ Index advanced to 42.1 in May, more than market expectations for a rise to a level of 42.0 and compared to a reading of 40.7 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 0.9613, with the USD trading 0.07% lower against the CHF from yesterday’s close.
The pair is expected to find support at 0.9578, and a fall through could take it to the next support level of 0.9543. The pair is expected to find its first resistance at 0.9643, and a rise through could take it to the next resistance level of 0.9673.
Moving forward, traders would keep a watch on Switzerland’s gross domestic product for 1Q 2020, slated to release in a few hours.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
