Swiss Franc Trading On A Weaker Footing In The Morning Session
For the 24 hours to 23:00 GMT, the USD rose 0.34% against the CHF and closed at 1.0062.
Yesterday, the SNB Vice President, Fritz Zurbruegg, reiterated that the Swiss Franc remains “considerably overvalued” and that the central bank is willing to intervene in currency markets, if necessary.
In the Asian session, at GMT0400, the pair is trading at 1.0068, with the USD trading 0.06% higher from yesterday’s close.
The pair is expected to find support at 1.0033, and a fall through could take it to the next support level of 0.9997. The pair is expected to find its first resistance at 1.0106, and a rise through could take it to the next resistance level of 1.0144.
Amid no economic releases in Switzerland today, investor sentiment would be governed by global macroeconomic news.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.