USDCHF Movement
For the 24 hours to 23:00 GMT, the USD declined 0.35% against the CHF and closed at 0.8874.
Yesterday, the Swiss national Bank (SNB) Governing Board Member, Fritz Zurbruegg, in his speech stated that the central bank is able to keep its foreign-currency reserves at a level in line with monetary-policy needs and added that they do not have any legal requirement to reduce that over time.
In the Asian session, at GMT0400, the pair is trading at 0.8868, with the USD trading 0.07% lower from yesterday’s close.
The pair is expected to find support at 0.8845, and a fall through could take it to the next support level of 0.8823. The pair is expected to find its first resistance at 0.8891, and a rise through could take it to the next resistance level of 0.8915.
In the absence of any major economic releases in Switzerland, investors are expected to shift their focus to the ZEW survey expectations, the trade balance and the quarterly bulletin by SNB, due later in the week.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
