Swiss Franc Reverses Its Losses This Morning
GCI Financial | Apr 14, 2015 02:40AM ET
For the 24 hours to 23:00 GMT, the USD declined 0.17% against the CHF and closed at 0.9775.
Yesterday, a leading rating agency downgraded its economic growth forecast for Switzerland and expected the economy to grow 0.7% in 2015 and 1.9% in the next year, from its earlier projected growth of 1.7% and 2.1%.
In the Asian session, at GMT0300, the pair is trading at 0.9766, with the USD trading 0.09% lower from yesterday’s close.
The pair is expected to find support at 0.9725, and a fall through could take it to the next support level of 0.9684. The pair is expected to find its first resistance at 0.9836, and a rise through could take it to the next resistance level of 0.9905.
Going forward, market participants await the release of Switzerland’s real retail sales data, scheduled later in the week.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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