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COZfx: Swiss Franc reversed yesterday’s gains, near 3-week lows

Discussion in 'Analisa Fundamental' started by harryer, Jul 18, 2013.

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  1. harryer

    harryer Member

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    COZforex: The US dollar was steady against the Swiss franc on Wednesday, trading near three-week lows as investors awaited Federal Reserve Chairman Ben Bernanke's testimony to Congress later in the day.

    USD/CHF hit 0.9386 amid European morning trade, the session low; the pair subsequently consolidated at 0.9387, easing 0.03%. COZFX strategist Nigel Boynton said, USD/CHF pair is expected to find support at 0.9366, and a drop through could take it to the next support line of 0.9313. Meanwhile, the pair is predicted to find its first resistance at 0.9484, and a rose through could take it to the next resistance line of 0.9549.

    Investors were eyeing Bernanke's testimony on monetary policy during speculation over the timing of a possible reduction to the bank’s USD85 billion-a-month bond buying program. The greenback fell sharply last week after Bernanke said the US economy still needed monetary stimulus.

    Bernanke was expected to reiterate that the bank could start scaling back its asset purchase program by the end of this year if the economy continues to pick up, but interest rates will remain at record lows for the foreseeable future.

    In Switzerland, data showed that the ZEW economic expectations index rise to 4.8 in June, from a reading of 2.2 the previous month, disappointing expectations for an increase to 6.0.

    Later in the day, the US was to release official data on building permits and housing starts.

    (COZ forex UK)
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