Fundamental Archives |
Written by GCI Financial |
May 03 12 05:14 GMT
USD/CHF: Swiss Franc Weakens After Manufacturing Activity Contracts In Switzerland
For the 24 hours to 23:00 GMT, USD rose 0.62% against the CHF and closed at 0.9134. The Swiss Franc weakened, after manufacturing activity in Switzerland contracted unexpectedly in April after a modest expansion in March.
The Swiss SVME-purchasing managers' index fell to a seasonally adjusted reading of 46.9, from 51.1 in the preceding month.
In the Asian session, at GMT0300, the pair is trading at 0.9143, with the USD trading 0.10% higher from yesterday's close.
The pair is expected to find support at 0.9097, and a fall through could take it to the next support level of 0.9050. The pair is expected to find its first resistance at 0.9174, and a rise through could take it to the next resistance level of 0.9204.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.