USDCHF Movement
For the 24 hours to 23:00 GMT, the USD rose 0.19% against the CHF and closed at 0.8762, as traders cheered Fed Chief, Janet Yellen’s upbeat view on the recovery prospects of the US economy.
In economic news, unemployment rate in Switzerland declined to a non-seasonally adjusted 3.2% in April, from an earlier level of 3.3%. Separately, the Swiss National Bank reported that it held CHF438.9 billion in foreign currency at the end of April, up from CHF437.9 billion held in March.
In the Asian session, at GMT0300, the pair is trading at 0.8758, with the USD trading slightly lower from yesterday’s close.
The pair is expected to find support at 0.8738, and a fall through could take it to the next support level of 0.8719. The pair is expected to find its first resistance at 0.8772, and a rise through could take it to the next resistance level of 0.8787.
Market participants are expected to keep a tab on Switzerland’s consumer inflation and the SECO consumer climate data, slated for release later today.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
