Swiss Franc Reverses Its Gains In The Asian Session
GCI Financial | Oct 03, 2014 03:18AM ET
For the 24 hours to 23:00 GMT, the USD declined 0.27% against the CHF and closed at 0.9538.
Yesterday, the SNB Chairman, Thomas Jordan, hinted that the central bank did not expect interest rate in the nation to rise soon. He further assured that the SNB would implement more measures to enforce its cap on the Swiss Franc.
In the Asian session, at GMT0300, the pair is trading at 0.9548, with the USD trading 0.1% higher from yesterday’s close.
The pair is expected to find support at 0.9515, and a fall through could take it to the next support level of 0.9483. The pair is expected to find its first resistance at 0.9581, and a rise through could take it to the next resistance level of 0.9615.
Amid a lack of any major economic news from Switzerland this week, investors would keenly await for Swiss consumer prices and unemployment data, slated to release in the next week.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
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