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Switzerland’s consumer prices fell further in July

Switzerland’s consumer prices fell further in July

SWITZERLAND: For the 24 hours to 23:00 GMT, the USD rose 0.16% against the CHF and closed at 0.9734. On the data front, Switzerland’s consumer price index (CPI) fell 0.3% on a monthly basis in July, in line with market expectations. In the previous month, the CPI had registered a drop of 0.1%. Also, the nation’s total sight deposits inched down to a level of CHF578.6 billion in the week ended 04 August, from CHF579.1 billion in the previous week. In the Asian session, at GMT0300, the pair is trading at 0.9728, with the USD trading 0.06% lower against the CHF from yesterday’s close.

The pair is expected to find support at 0.9710, and a fall through could take it to the next support level of 0.9693. The pair is expected to find its first resistance at 0.9746, and a rise through could take it to the next resistance level of 0.9765. Ahead in the day, traders will focus on Switzerland’s unemployment rate data for July. The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.