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Forex - USD/CHF almost unchanged amid euro zone worries

By: Investing.com
Posted: 4/2/2013 7:07:00 AM
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Investing.com - The U.S. dollar was almost unchanged against the Swiss franc on Tuesday, but remained supported as weak euro zone economic reports added to concerns over the handling of the financial crisis in the region.

USD/CHF hit 0.9444 during European trade, the pair's lowest since March 25; the pair subsequently consolidated at 0.9460, easing 0.05%.

The pair was likely to find support at 0.9417, the low of March 18 and resistance at 0.9504, the high of March 26.

In the euro zone, official data showed that the unemployment rate rose to an all-time high of 12% in February compared with an original estimate of 11.9% for January, which was revised up to 12%.

A separate report showed that the euro zone's manufacturing purchasing managers' index ticked up to 46.8 in March, from a final reading of 46.6 the previous month, still substantially below the 50 mark that separates growth from contraction.

Meanwhile, a report showed that the SVME manufacturing PMI for Switzerland dropped to 48.3 in March, from 50.8 in February, missing expectations for a reading of 50.2.

The Swissie was higher against the euro with EUR/CHF edging down 0.12%, to hit 1.2149.

Later in the day, the U.S. was to release a government report on factory orders.


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