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Forex - USD/CHF edges higher in quiet trade

Posted
5/13/2013 7:15:00 AM
By: Investing.com
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Investing.com - The U.S. dollar edged higher against the Swiss franc in quiet trade on Monday, as the previous week's upbeat U.S. economic reports continued to support broad demand for the greenback.

USD/CHF hit 0.9596 during European morning trade, the session high; the pair subsequently consolidated at 0.9579, adding 0.08%.

The pair was likely to find support at 0.9476, the low of May 10 and resistance at 0.9629, the high of May 10 and a nine-month high.

The greenback strengthened broadly on Friday as recent upbeat U.S. employment data fuelled optimism over an earlier-than-expected end to the Fed's USD85 billion a month asset purchase program.

Data on Thursday showed that showed that U.S. initial jobless claims fell to the lowest level since January 2008 in the week ending May 4.

Earlier this month official data showed that the U.S. economy added more jobs than forecast in April, pushing the unemployment rate to a more than four-year low of 7.5%.

In Switzerland, official data showed that retail sales fell 0.9% in March, disappointing expectations for a 0.8% rise, after a 2.3% increase the previous month.

The Swissie was fractionally higher against the euro with EUR/CHF edging down 0.09%, to hit 1.2424.

Later in the day, the U.S. was to release official data on retail sales.


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