COZforex: The US dollar was lower against the Swiss franc on Wednesday, although sustained expectations for the Federal Reserve to scale back its asset-purchasing program continued to lend support to the greenback. USD/CHF hit 0.9690 amid European morning trade, the session low; the pair subsequently consolidated at 0.9707, retreating 0.64%. COZ senior foreign exchange risk investment trader Desmond Doyle said, USD/CHF is predicted to find support at 0.9677, and a drop through could take it to the next support line of 0.9603. Meanwhile, the pair is predicted to find its first resistance at 0.9805, and a rose through could take it to the next resistance line of 0.9859. Switzerland’s trade surplus narrowed to CHF1.73 billion in April, compared to a surplus of CHF1.89 billion recorded in the previous month. Market had expected the trade surplus to widen to CHF2.05 billion. In a separate report, employment level rise to 4.15 million in the Q12013, compared to a level of 4.12 million recorded in the previous quarter. The greenback remained supported after data on Tuesday showed that US consumer confidence rise to the highest level since February 2008 in the current month. The Conference Board said its index of consumer confidence rise to 76.2 in May from 69.0 in April and beating expectations for a reading of 71.0. A separate report showed that the Case-Shiller US home price index rise 10.9% in March from a year earlier, the biggest increase since April 2006. The strong data boosted expectations that the Fed will wind down its USD85 billion-a-month asset purchase program later this year. (COZ forex UK)
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