Swiss Franc Trading On A Weaker Footing This Morning
GCI Financial | Oct 31, 2014 02:11AM ET
For the 24 hours to 23:00 GMT, the USD rose 0.20% against the CHF and closed at 0.9564, after the US annualized GDP advanced more than expected in 3Q 2014.
In economic news, the Swiss KOF economic barometer unexpectedly rose to a level of 99.8 in October, beating market expectations of a fall to 99.2 and up from previous month’s revised reading of 99.3. Additionally, the nation’s UBS consumption indicator climbed to a level of 1.41 in September, after registering a reading of 1.28 in August.
In the Asian session, at GMT0400, the pair is trading at 0.9567, with the USD trading a tad higher from yesterday’s close.
The pair is expected to find support at 0.9537, and a fall through could take it to the next support level of 0.9506. The pair is expected to find its first resistance at 0.9605, and a rise through could take it to the next resistance level of 0.9642.
Trading trends in the Swiss Franc today are expected to be determined by the SNB’s 3Q currency allocation, scheduled in a few hours.
The currency pair is showing convergence with its 20 Hr moving average trading above its 50 Hr moving average.
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