Swiss Franc Reverses Its Losing Streak In The Asian Session
GCI Financial | Jul 31, 2014 03:25AM ET
For the 24 hours to 23:00 GMT, the USD rose 0.22% against the CHF and closed at 0.9089, following Fed’s optimistic view about the health of the US economy.
In economic news, the KOF economic barometer in Switzerland eased unexpectedly to a level of 98.1 compared to a reading of 100.5 in the previous month, though market expectations for it were to rise to 101.0. On the other hand, UBS consumption indicator climbed to 2.06 in June. It had recorded a revised reading of 1.80 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 0.9084, with the USD trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 0.9063, and a fall through could take it to the next support level of 0.9043. The pair is expected to find its first resistance at 0.9106, and a rise through could take it to the next resistance level of 0.9129.
Amid lack of economic releases in Switzerland today and a national holiday tomorrow, investor sentiments would be governed by global news/events.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
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