Unemployment Rate In The Swiss Economy Stood Pat In February
GCI Financial | Mar 10, 2014 02:46AM ET
On Friday, the USD declined 0.28 % against the CHF and closed at 0.8777.
In economic news, on a seasonally adjusted basis, unemployment rate in Switzerland remained unchanged at previous month’s level of 3.2% (MoM) in February, broadly in-line with market estimates. Meanwhile, the Swiss consumer price index declined 0.1% (YoY) in February, following a 0.1% (YoY) rise in the previous month and compared to a market estimates for a flat reading. Separately, foreign exchange reserves in Switzerland also registered a fall to CHF433.5 billion in February, from a reserve of CHF437.7 billion registered in the previous month.
In the Asian session, at GMT0400, the pair is trading at 0.8772, with the USD trading 0.06% lower from Friday’s close.
The pair is expected to find support at 0.8746, and a fall through could take it to the next support level of 0.8721. The pair is expected to find its first resistance at 0.8807, and a rise through could take it to the next resistance level of 0.8843.
Later today, the Swiss Federal Statistical Office is expected to publish a report on the real retail sales in Switzerland for the month of January.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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