Swiss Franc Steady In The Asian Session
GCI Financial | Apr 16, 2014 03:34AM ET
For the 24 hours to 23:00 GMT, the USD rose marginally against the CHF and closed at 0.8805, as traders cheered an upbeat rise in the US consumer price index for March.
On the economic front, Switzerland’s producer and import prices fell 0.7% (YoY) for the sixth straight month in March, but the fall in the prices were less than market expectations for a 0.8% drop.
In the Asian session, at GMT0300, the pair is trading at 0.8805, with the USD trading flat from yesterday’s close.
The pair is expected to find support at 0.8785, and a fall through could take it to the next support level of 0.8766. The pair is expected to find its first resistance at 0.8822, and a rise through could take it to the next resistance level of 0.8840.
Later during the day, ZEW’s survey on Switzerland’s economic expectations would fetch trader’s attentions.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
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