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Forex - USD/CHF edges higher but upside seen limited

ForexJan 24, 2013 04:35AM ET
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Investing.com - The U.S. dollar edged higher against the Swiss franc on Thursday, but demand for the safe haven greenback remained limited after the release of globally positive manufacturing ans service sector activity data from the euro zone.

USD/CHF hit 0.9322 during European afternoon trade, the pair's highest since January 22; the pair subsequently consolidated at 0.9311, adding 0.18%.

The pair was likely to find support at 0.9276, the low of January 22 and resistance at 0.9347, the high of January 22.

Market research group Markit said that its preliminary manufacturing purchasing managers’ index rose to a seasonally adjusted 47.5 in January from a final reading of 46.1 in November, improving at the fastest rate in ten months

Separately, Markit's euro zone service sector PMI for the euro zone rose to 48.3 this month, from 47.8 in December.

The data came after Markit said that its preliminary German manufacturing PMI expanded at the fastest rate in eleven months in January, while France's preliminary manufacturing PMI fell to a four-month low this month.

Sentiment had improved earlier, after data showed that China’s preliminary HSBC manufacturing PMI improved to 51.9 in January, a two-year high, from a final reading of 51.5 in December, adding to signs of a rebound in the world’s second largest economy.

In the U.S., the House of Representatives passed a bill Wednesday to allow the government to borrow enough money to avoid a first-time default for at least four months, but setting up more debates over taxes, spending and the deficit, in the spring.

The Swissie was lower against the euro with EUR/CHF rising 0.25%, to hit 1.2409.

Later in the day, the U.S. was to release the weekly government report on initial jobless claims.

Forex - USD/CHF edges higher but upside seen limited

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