USDCHF Movement
For the 24 hours to 23:00 GMT, USD declined 0.31% against the CHF and closed at 0.8423.
The Swiss National Bank President, Philipp Hildebrand signalled that the central bank would continue to keep its options open in pursuing its mandate to ensure price stability.
In Switzerland, the money supply rose by 5.6% (Y-o-Y) in May, following a 7.0% increase in the previous month. Meanwhile, the KOF Institute reported indicated that the gross domestic product (GDP) would rise 1.9% in 2012, which is slower than the 2.8% growth recorded expected in the GDP for 2011.
In the Asian session, at 3:00GMT, the pair is trading at 0.8424, 0.01% higher from yesterday’s close at 23:00 GMT.
The pair has its first short term resistance at 0.8451, followed by the next resistance at 0.8479. The first area of support is at 0.8398 level, with the subsequent support at 0.8373.
Trading trends in the pair today are expected to be determined by data release on economic expectations in Switzerland.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
