USD/CHF Bearish on ZEW Swiss Economic Confidence, Strong CHF/JPY

        0108 GMT [Dow Jones] USD/CHF is likely to consolidate with a bearish bias Thursday after hitting a three-week low of 0.9530 on Wednesday. The pair is weighed by a strong rise in the Switzerland ZEW-Credit Suisse indicator of economic sentiment to minus 7.6 in November from minus 30.7 in October, and franc demand on a buoyant CHF/JPY cross amid weak yen sentiment. The daily chart is negative-biased as the MACD and slow stochastic indicators are bearish, while the five-day moving average is below the 15-day moving average and declining. A drop below 0.9530 would target 0.9511 (55-day moving average), then 0.9439 (Oct. 29 reaction low). But a rise above 0.9600 (Wednesday's high) would temper the negative near-term view, exposing upside to 0.9654 (Tuesday's high). Spot USD/CHF is at 0.9579. (jerry.tan@wsj.com)

        (END) Dow Jones Newswires

        November 19, 2014 20:08 ET (01:08 GMT)