USDCHF Movement
For the 24 hours to 23:00 GMT, the USD rose 0.65% against the CHF and closed at 0.9871, amid dismal economic data.
In economic news, Switzerland’s SVME manufacturing PMI unexpectedly fell to a level of 47.7 in June, defying market expectations for a gain to a level of 49.0. In the prior month, the PMI had registered a level of 48.6. Moreover, the nation’s real retail sales dropped 1.7% on an annual basis in May, marking its sharpest fall in 8 months and compared to a revised decline of 0.8% in the prior month. Markets had anticipated real retail sales to record a fall of 0.4%.
In the Asian session, at GMT0300, the pair is trading at 0.9870, with the USD trading marginally lower against the CHF from yesterday’s close.
The pair is expected to find support at 0.9822, and a fall through could take it to the next support level of 0.9774. The pair is expected to find its first resistance at 0.9901, and a rise through could take it to the next resistance level of 0.9932.
With no macroeconomic releases in Switzerland today, investors would look forward to global macroeconomic releases for further direction.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
