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COZfx: Swiss UBS Consumption Indicator improves in November

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COZfx: Swiss UBS Consumption Indicator improves in November

Postby dwang » Fri Dec 27, 2013 2:02 am

COZforex: For the past trading session, the USD dropped 0.21% against the CHF and closed at 0.8937.

The Swiss Franc gained momentum after data indicated that the consumption indicator in Switzerland rise to a level of 1.43 in November, following a revised level of 1.26 recorded in October. Moreover, other data from the from the Swiss National Bank revealed that the M3 money supply in Switzerland increased 8.5% on an annual basis in November, following a revised 8.9% rise recorded in the prior month.

In the Asian session, the pair is trading at 0.8949, with the USD trading 0.13% higher from yesterday’s close.

In technical analysis, coz forex senior derivatives trader Daniel • Moloney said, USD/CHF is predicted to find support at 0.8925, and a drop through could take it to the next support line of 0.8902. Meanwhile, the pair is predicted to find its first resistance at 0.8970, and a rise through could take it to the next resistance line of 0.8992.

With no releases from Switzerland today, trading trends would likely be determined by other global factors.

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

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