Swiss Franc Trading Lower Ahead Of Switzerland’s Trade Balance Data
GCI Financial | Nov 20, 2014 01:29AM ET
For the 24 hours to 23:00 GMT, the USD declined 0.08% against the CHF and closed at 0.9577.
In economic news, the Swiss ZEW’s economic expectations index climbed to -7.60 in November, compared to a level of -30.70 recorded in the prior month.
Yesterday, a poll indicated that support for a Swiss referendum to require the nation’s central bank to hold 20% of its reserves in gold bullions was declining.
In the Asian session, at GMT0400, the pair is trading at 0.9578, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 0.9538, and a fall through could take it to the next support level of 0.9499. The pair is expected to find its first resistance at 0.961, and a rise through could take it to the next resistance level of 0.9643.
Looking ahead, investors await Switzerland’s trade balance data, scheduled in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
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