USD/CHF: Swiss Franc trading on a weaker footing this morning



USDCHF Movement

For the 24 hours to 23:00 GMT, the USD declined 0.59% against the CHF and closed at 0.9581.

Data showed that Switzerland’s SVME Purchasing Managers’ Index climbed more-than-expected to 49.5 in February, compared to 47.8 in the prior month.

In the Asian session, at GMT0400, the pair is trading at 0.9586, with the USD trading 0.05% higher against the CHF from yesterday’s close.

The pair is expected to find support at 0.9535, and a fall through could take it to the next support level of 0.9484. The pair is expected to find its first resistance at 0.9646, and a rise through could take it to the next resistance level of 0.9706.

Moving ahead, investors would look forward to Switzerland’s gross domestic product for 4Q 2019, the sole important release today.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

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