COZfx: USD/CHF trading tad higher in risk-on trade

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COZforex: The US dollar slipped lower against the Swiss franc on Thursday, as sentiment remained supported by the Bank of Japan's aggressive monetary easing steps.

USD/CHF hit 0.9310 amid European morning trade, the session low; the pair subsequently consolidated at 0.9314, edging down 0.12%. COZforex senior currency strategist Ian • Quigley said, USD/CHF is predicted to find support at 0.9302, and a drop through could take it to the next support line of 0.9274. Meanwhile, the pair is predicted to find its first resistance at 0.9350, and a rose through could take it to the next resistance line of 0.9370.

Market sentiment has been supported since the BoJ unveiled a massive monetary stimulus program last week, aimed at beating deflation in the world’s third largest economy.

Investor confidence also strengthened after data on Thursday showed that China saw a large increase in bank lending in March, adding to signs of an economic recovery one day after trade data indicated that domestic demand remains strong.

Meanwhile, Wednesday’s minutes of the Federal Reserve’s most recent meeting showed that policymakers are still divided over about when to end its bond buying program. The Fed minutes, which were inadvertently released ahead of schedule, showed that that a few policymakers saw quantitative easing tapering around midyear, while several others believed it would be appropriate to slow later in the year and to stop by the end of the year.

The impact of the minutes was muted as the meeting was held before nonfarm payrolls data showed that the US economy added far fewer than expected jobs in March.

Later in the day, the US was to publish the weekly government report on initial jobless claims and data on import prices.

(COZ forex UK)

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