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Forex - USD/CHF edges lower ahead of ISM report

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Investing.com - The U.S. dollar edged lower against the Swiss franc on Monday, as markets were eyeing the release of U.S. service sector activity data later in the day, after Friday's U.S. jobs report eased expectations for a near-term end to the Federal Reserve's stimulus program.

USD/CHF hit 0.9274 during European morning trade, the session low; the pair subsequently consolidated at 0.9287, easing 0.08%.

The pair was likely to find support at 0.9229, the low of July 31 and a one-and-a-half month low and resistance at 0.9373, the high of August 1.

Official data on Friday showed that the U.S. economy added 162,000 jobs in July, less than the 184,000 increase forecast by economists. June's figure was revised down to 188,000 from a previously reported 195,000.

The unemployment rate ticked down to 7.4% from 7.6% in June, as more people left the labor force.

The Swissie was steady against the euro with EUR/CHF inching down 0.06%, to hit 1.2336.

Also Monday, official data showed that euro zone retail sales fell 0.5% in June, less than the expected 0.6% decline, after a 1.1% increase the previous month.

A separate report showed that the euro zone's service sector purchasing managers' index rose to 48.9 in June from a reading of 48.6 the previous month. Analysts had expected the index to remain unchanged in June.

Later in the day, the Institute for Supply Management was to release its nonmanufacturing index.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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