COZfx: USD/CHF higher in subdued trade

[kiriss5678]

COZforex: The US dollar was higher against the Swiss franc in subdued trade on Monday, as investors eyed the release of US data later in the week amid ongoing uncertainty over the future of the Federal Reserve's stimulus program.

USD/CHF hit 0.9266 during European morning trade, the pair's highest since August 6; the pair subsequently consolidated at 0.9271, advancing 0.52%. Coz forex senior derivatives trader Daniel • Moloney said, USD/CHF is predicted to find support at 0.9206, and a drop through could take it to the next support line of 0.9172. Meanwhile, the pair is predicted to find its first resistance at 0.9259, and a rose through could take it to the next resistance line of 0.9278.

The greenback came under pressure against the other major currencies last week after the latest US jobs report on August 2 showed that the economy added fewer jobs than expected in July. The disappointing data saw investors reassess expectations for when the US central bank would start to taper its asset purchase program.

Investors were looking ahead to Tuesday’s retail sales report, as well as speeches by senior Fed officials later in the week.

In Switzerland, the Federal Statistics Bureau said that retail sales rise to a seasonally adjusted annual rate of 2.3%, from 1.5% the previous month whose figure was revised down from 1.8%.

On Sunday, the Swiss National Bank (SNB) Vice Chairman, Jean-Pierre Danthine stated that SNB would enforce its cap on the Swiss Franc for as long as it is necessary.

Later today, the Switzerland is slated to release its real retail sales data that is forecast to post a substantial rise in June.

(COZ forex UK)