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Forex - USD/CHF slips lower as eyes on U.S. data, Fed

ForexJan 30, 2013 05:07AM ET
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Investing.com - The U.S. dollar slipped lower against the Swiss franc on Wednesday, after the release of a disappointing Swiss economic report, as investors eyed upcoming U.S. data and the Federal Reserve's policy statement.

USD/CHF hit 0.9196 during European morning trade, the session low; the pair subsequently consolidated at 0.9197, edging down 0.18%.

The pair was likely to find support at 0.9167, the low of December 14 and a multi-month low and resistance at 0.9256, the high of January 8.

In a report, the KOF Economic Research Agency said that its economic barometer for Switzerland fell to a seasonally adjusted 1.05 in January, from a reading of 1.29 the previous month whose figure was revised up from 1.28.

Analysts had expected the KOF economic barometer to slip to 1.16 this month.

Meanwhile, investors remained cautious ahead of a number of significant U.S. economic events, including data on fourth quarter growth and the Fed's monetary policy statement later Wednesday, as well as Friday’s U.S. nonfarm payrolls data.

The U.S. central bank was expected to reaffirm its commitment to its easing program until unemployment in the country falls below 6.5%.

The Swissie was lower against the euro with EUR/CHF adding 0.12%, to hit 1.2445.

Also Wednesday, official data showed that Spain's gross domestic product contracted more-than-expected in the fourth quarter, falling by 0.7% after a 0.3% decline in the previous quarter. Analysts had expected Spanish GDP to contract by 0.6% in the last quarter.

Later in the day, the U.S. was to release data on ADP nonfarm payroll.

Forex - USD/CHF slips lower as eyes on U.S. data, Fed

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