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Forex - USD/CHF rebounds on reports of Libya peace plan

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Forex Pros - The U.S. dollar was up against the Swiss franc on Thursday, rebounding from the pair's all-time low after media reports that Libyan leader Muammar Gaddafi and the president of the Arab League had agreed to a peace plan to end the violence in Libya.

USD/CHF hit 0.9264 during early European trade, the daily high; the pair subsequently consolidated at 0.9259, gaining 0.26%.

The pair was likely to find support at 0.9199, Wednesday's low and the pair's all-time low and resistance at 0.9334, the high of February 24.

Earlier in the day, news network Al Jazeera said Libyan leader Muammar Gaddafi and the president of the Arab League had agreed to a peace plan from Venezuela's president, Hugo Chavez, to end the crisis in Libya.

The dollar also found support after the Federal Reserve's Beige Book that the labor market improved throughout the U.S. early this year, driven by increasing retail sales and "solid growth" in manufacturing.

Meanwhile, a report by payroll processing firm ADP said U.S. private sector employment rose by 217,000 in February, better than the expected 170,000 gain.

The Swissie was also down against the euro, with EUR/CHF easing up 0.10% to hit 1.2817.

Also Thursday, a government report showed that retail sales in Switzerland declined unexpectedly in January, dropping for the second consecutive 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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