Swiss Franc Trading On A Stronger Footing In The Asian Session
GCI Financial | Oct 24, 2014 02:37AM ET
For the 24 hours to 23:00 GMT, the USD traded marginally higher against the CHF and closed at 0.9539.
Meanwhile, the first poll conducted yesterday for opinion regarding the Swiss gold referendum suggested a ‘yes’ vote could be on the cards, thereby indicating that the SNB could be forced to purchase around $60 billion of gold at current spot prices. The referendum for the Swiss Gold Initiative is scheduled for November 30th and would renew the nation’s centuries-long affinity for gold and restrain paper money.
In the Asian session, at GMT0300, the pair is trading at 0.9535, with the USD trading a tad lower from yesterday’s close.
The pair is expected to find support at 0.9515, and a fall through could take it to the next support level of 0.9496. The pair is expected to find its first resistance at 0.9557, and a rise through could take it to the next resistance level of 0.9580.
Amid no economic releases from Switzerland today, investors await Swiss UBS consumption indicator data, scheduled next week.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
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