Swiss Franc Pares Its Gains Against The US Dollar In The Asian Session
GCI Financial | Jul 01, 2014 02:44AM ET
For the 24 hours to 23:00 GMT, the USD declined 0.46% against the CHF and closed at 0.8869, hurt by the latest batch of mixed economic releases from the US economy.
In the Asian session, at GMT0300, the pair is trading at 0.8872, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 0.8851, and a fall through could take it to the next support level of 0.8829. The pair is expected to find its first resistance at 0.8905, and a rise through could take it to the next resistance level of 0.8937.
Market participants are expected to keep a tab on the Swiss SVME – Purchasing Managers’ Index data, slated for release later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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