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Forex - USD/CHF edges higher, eyes on central banks

By Investing.com  |  Forex News  |  Jul 04, 2013 09:33AM GMT  |   Add a Comment
 
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Investing.com - The U.S. dollar edged higher against the Swiss franc on Thursday, as expectations for a near-term end to the Federal Reserve's stimulus program continued to support demand for the greenback.

USD/CHF hit 0.9498 during European morning trade, the session high; the pair subsequently consolidated at 0.9481, adding 0.18%.

The pair was likely to find support at 0.9412, the low of June 28 and resistance at 0.9530, the high of July 2 and a one-month high.

Forex - USD/CHF edges higher, eyes on central banks
Investors were looking ahead to Friday’s U.S. nonfarm payrolls data, for further clues on when the Fed may decide to unwind its USD85 billion-a-month bond buying program.

Data on Wednesday showed that the U.S. private sector added 188,000 jobs in June, more than expectations for an increase of 160,000.

The Swissie was fractionally lower against the euro with EUR/CHF easing up 0.08%, to hit 1.2326.

Later in the day, the European Central Bank was expected to leave interest rates on hold following its policy meeting and to reiterate that an exit from loose monetary policy remains distant.

Separately, concerns over a political crisis in Portugal eased on Thursday, amid hopes that the government wouldn’t collapse following talks between the coalition partners overnight.

The future of the country's coalition government was thrown into doubt earlier in the week, following the resignation of country’s foreign minister and finance minister in protest over government austerity policies.

Trade volumes were expected to remain light on Thursday, with markets in the U.S. closed for the Independence Day holiday.



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