Swiss Franc Trading Tad Lower This Morning
GCI Financial | Nov 04, 2015 03:37AM ET
For the 24 hours to 23:00 GMT, the USD rose 0.36% against the CHF and closed at 0.9910.
Yesterday, Chairman of the Swiss National Bank, Thomas Jordan, stated that the Swiss Franc remains “significantly overvalued” and that the central bank will not hesitate from implementing negative interest rates and intervening in the country’s foreign exchange market, if required, in order to ensure price stability in the long term.
In the Asian session, at GMT0300, the pair is trading at 0.9914, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 0.9863, and a fall through could take it to the next support level of 0.9812. The pair is expected to find its first resistance at 0.9946, and a rise through could take it to the next resistance level of 0.9978.
Going ahead, investors will keep a close watch on Switzerland’s consumer price inflation data for October, scheduled to be released tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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