Swiss Franc Trading Lower In The Asian Session

USD/CHF Movement

For the 24 hours to 23:00 GMT, the USD declined 0.37% against the CHF and closed at 0.9642.

On the data front, Switzerland’s real retail sales eased by 3.9% on an annual basis in June, more than market expectations for a fall of 2.0% and after recording a revised drop of 1.7% in the previous month. Moreover, the nation’s SVME manufacturing PMI unexpectedly eased to a level of 50.1 in July, defying market expectations for an advance to a level of 51.9, following a reading of 51.6 in the prior month.

In the Asian session, at GMT0300, the pair is trading at 0.9652, with the USD trading 0.1% higher against the CHF from yesterday’s close.

The pair is expected to find support at 0.9625, and a fall through could take it to the next support level of 0.9599. The pair is expected to find its first resistance at 0.9681, and a rise through could take it to the next resistance level of 0.9711.

Amid no economic releases in Switzerland today, trading trends in the CHF are expected to be determined by global macroeconomic news.

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