USD/CHF: Pair Trading Below Its MAs

By ForexNov 25, 2012 03:59AM ET
USD/CHF: Pair Trading Below Its MAs
By   |  Nov 25, 2012 03:59AM ET
<span class=USD/CHF" title="USD/CHF" width="624" height="468" />
For the 24 hours to 23:00 GMT on Friday, the USD declined 0.12% against the CHF and closed at 0.9354.

According to media reports, the Swiss National Bank (SNB) Chief, Thomas Jordan, stated that the Swiss economy is likely to show weak growth dynamics in 2013 and will pick up momentum as the year progresses. He further said that for the full year 2012, the central bank still expects 1.0% growth. He also added that the uncertainties are large and the risks are clearly on the downside. At the same time, he brushed aside concerns that the Swiss economy would slip into recession in the third quarter due to the impact of recent developments in the eurozone, but admitted that Switzerland will experience “very low growth rates” in the third and fourth quarters of 2012.

In the Asian session, at 04:00 GMT, the pair is trading at 0.9347, with the USD trading marginally lower from Thursday’s close.

The pair is expected to find support at 0.9328, and a fall through could take it to the next support level of 0.9309. The pair is expected to find its first resistance at 0.9376, and a rise through could take it to the next resistance level of 0.9405.
USD/CHF: Pair Trading Below Its MAs

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USD/CHF: Pair Trading Below Its MAs

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