Swiss Franc Cap To Remain In Place For As Long As Necessary
GCI Financial | Feb 06, 2014 05:04AM ET
For the 24 hours to 23:00 GMT, the USD ended the day flat against the CHF and closed at 0.9041.
In Switzerland, the Swiss National Bank (SNB) Chief, Thomas Jordan reiterated his earlier view that the cap on the Swiss Franc would stay in place as long as necessary to ensure adequate conditions.
On the macro front, Switzerland’s UBS real estate bubble index climbed to 1.23 in Q4 2013, following a level of 1.20 reported in the previous quarter.
In the Asian session, at GMT0400, the pair is trading at 0.9044, with the USD trading slightly higher from yesterday’s close.
The pair is expected to find support at 0.9012, and a fall through could take it to the next support level of 0.8981. The pair is expected to find its first resistance at 0.9067, and a rise through could take it to the next resistance level of 0.9091.
Market participants are expected to keep a close watch on Switzerland’s trade balance and consumer climate data, slated for release later today.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
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