Swiss Franc Reverses Its Gains Ahead Of Switzerland’s Q3 GDP Data
GCI Financial | Dec 02, 2014 01:48AM ET
For the 24 hours to 23:00 GMT, the USD declined 0.27% against the CHF and closed at 0.9645.
In economic news, the Swiss SVME PMI fell more than expected to a reading of 52.1 in November, compared to a reading of 55.3 in the prior month.
In the Asian session, at GMT0400, the pair is trading at 0.9652, with the USD trading 0.07% higher from yesterday’s close.
The pair is expected to find support at 0.9615, and a fall through could take it to the next support level of 0.9578. The pair is expected to find its first resistance at 0.9689, and a rise through could take it to the next resistance level of 0.9726.
Going forward, investors would concentrate on Switzerland’s Q3 GDP data to get better insights in the Swiss economy, set for release in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
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