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Forex - USD/CHF edges lower on profit taking

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Investing.com - The U.S. dollar edged lower against the Swiss franc on Monday, as investors locked in profits after the greenback hit a six-month high against the Swissie on Friday, boosted by strong U.S. employment data.

USD/CHF hit 0.9502 during European morning trade, the session low; the pair subsequently consolidated at 0.9505, slipping 0.13%.

The pair was likely to find support at 0.9466, the low of November 13 and resistance at 0.9552, the high of March 8.

The greenback strengthened broadly on Friday after official data showed that the U.S. economy added 236,000 jobs last month, well above expectations for an increase of 160,000. The unemployment rate ticked down to 7.7%, the lowest level since December 2008, from 7.9% in January.

The robust data added to speculation over an earlier-than-expected end to the Federal Reserve's easing program.

In Switzerland, official data earlier showed that retail sales rose 1.9% in January, less than the expected 2.8% increase, after a 4.7% gain the previous month.

The Swissie was alsmot unchanged against the euro with EUR/CHF easing 0.06%, to hit 1.2361.

Also Monday, official data showed that industrial production in France dropped 1.2% in January, compared to expectations for a 0.1% rise, after a 0.1% fall the previous month.

A separate report showed that Germany's trade surplus declined to EUR15.7 billion in January from a revised 16.9 billion the previous month.

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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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