Swiss Franc Reverses Its Gains In The Morning Session
GCI Financial | Nov 20, 2015 02:37AM ET
For the 24 hours to 23:00 GMT, the USD declined 0.62% against the CHF and closed at 1.0133.
In economic news, Switzerland recorded a trade surplus of CHF4.2 billion, against market expectations for a rise to CHF3.4 billion and after recording a revised trade surplus of CHF3.3 billion in the previous month.
Separately, the SNB’s Governing Board member, Andrea Maechler, indicated that the central bank is keeping a close watch on the ECB’s decisions and will not hesitate to intervene in the currency markets to combat the strong Franc, if needed.
In the Asian session, at GMT0400, the pair is trading at 1.0138, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.0105, and a fall through could take it to the next support level of 1.0073. The pair is expected to find its first resistance at 1.0187, and a rise through could take it to the next resistance level of 1.0236.
Going forward, investors will concentrate on Switzerland’s UBS consumption indicator for October and Q3 industrial production data, scheduled to be released next week.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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