Swiss Reverses Its Gains In The Asian Session
GCI Financial | Jul 08, 2014 02:45AM ET
For the 24 hours to 23:00 GMT, the USD declined 0.18% against the CHF and closed at 0.8933.
The Swiss Franc gained ground after the unemployment rate in Switzerland dropped in line with market estimates to 2.9% in June, compared to a rate of 3.0% recorded in the previous month. Moreover, the nation’s foreign currency reserves climbed to CHF449.6 billion in June from CHF444.4 billion in the previous month. Markets were expecting foreign currency reserves to rise to CHF445.0 billion in June.
In the Asian session, at GMT0300, the pair is trading at 0.8935, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 0.8919, and a fall through could take it to the next support level of 0.8903. The pair is expected to find its first resistance at 0.8956, and a rise through could take it to the next resistance level of 0.8977.
Trading trends in the pair today are expected to be determined by Swiss consumer price index and retail sales data which is due in the latter half of the day.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
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