Swiss Franc Extends Its Gains In The Asian Session
GCI Financial | Aug 22, 2014 02:38AM ET
For the 24 hours to 23:00 GMT, the USD declined 0.22% against the CHF and closed at 0.9115.
In economic news, the Swiss trade surplus widened to CHF3.98 billion in July, compared to market expectations of a surplus of CHF1.85 billion. It had registered a revised trade surplus of CHF1.41 billion in the previous month. Additionally, the Swiss National Bank reported that the M3 money supply in the nation registered a rise of 3.5% in July, on an annual basis, compared to a revised advance of 4.1% in the prior month.
In the Asian session, at GMT0300, the pair is trading at 0.9113, with the USD trading tad lower from yesterday’s close.
The pair is expected to find support at 0.91, and a fall through could take it to the next support level of 0.9086. The pair is expected to find its first resistance at 0.9137, and a rise through could take it to the next resistance level of 0.9160.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
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