Swiss Franc Trading On A Weaker Footing This Morning
GCI Financial | Oct 17, 2014 02:26AM ET
For the 24 hours to 23:00 GMT, the USD rose 0.08% against the CHF and closed at 0.9424. The Swiss Franc lost ground after Switzerland’s SECO downgraded the nation’s economic growth forecast for 2014 to 1.8% from its previous growth of 2.0% and 2015 growth forecast to 2.4% from 2.6%, citing a gloomy outlook of the Euro-zone. The agency kept its inflation projection unchanged for 2014 at 0.1% and 2015 at 0.4%.
In the Asian session, at GMT0300, the pair is trading at 0.9432, with the USD trading 0.08% higher from yesterday’s close.
The pair is expected to find support at 0.9394, and a fall through could take it to the next support level of 0.9356. The pair is expected to find its first resistance at 0.9481, and a rise through could take it to the next resistance level of 0.9530.
Amid lack of economic releases from Switzerland today, investor sentiments would be governed by global macroeconomic news.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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