Franc Trading Marginally Higher With Focus On Swiss Unemployment Rate
GCI Financial | Apr 08, 2014 02:58AM ET
For the 24 hours to 23:00 GMT, the USD declined 0.44% against the CHF and closed at 0.8878. The Swiss Franc rose as traders cheered Switzerland’s consumer inflation data, which showed that consumer price index registered a flat reading in March, following a 0.1% (YoY) drop in the previous month. Separately, another report showed that the value of Swiss foreign-currency reserves rose to CHF437.9 billion in March, compared to a reserve of CHF433.6 billion in February.
In the Asian session, at GMT0300, the pair is trading at 0.8876, with the USD trading tad lower from yesterday’s close.
The pair is expected to find support at 0.8856, and a fall through could take it to the next support level of 0.8835. The pair is expected to find its first resistance at 0.8911, and a rise through could take it to the next resistance level of 0.8945.
During the later course of the day, traders would eye Switzerland’s unemployment rate and real retail sales data, for further guidance in the Swiss Franc.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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