USD/CHF: Swiss M3 Money Supply Growth Slowed In October

USD/CHF: Swiss M3 Money Supply Growth Slowed In October

For the 24 hours to 23:00 GMT, the USD declined 0.40% against the CHF and closed at 0.9365.

Yesterday, the Swiss National Bank Governing Board member, Fritz Zurbruegg, stated that the Franc ceiling is an extreme measure that carries “considerable” risks. He indicated that inflation is not a threat in the short or medium term but central banks must stay alert and exit from unconventional policy measures once necessary.

In economic news, M3 money supply in Switzerland climbed 8.6% (YoY) in October, slower than the 8.8% rise in September.

In the Asian session, at GMT0400, the pair is trading at 0.9381, with the USD trading 0.17% higher from yesterday’s close.

The pair is expected to find support at 0.9340, and a fall through could take it to the next support level of 0.9299. The pair is expected to find its first resistance at 0.9441, and a rise through could take it to the next resistance level of 0.9500.