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COZfx: Dollar vs. Swiss Franc hovers near 8-month highs

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COZfx: Dollar vs. Swiss Franc hovers near 8-month highs

Postby dwang » Fri Aug 08, 2014 3:00 am

COZforex: The US dollar edged up against the Swiss franc on Thursday, hovering close to 8 month highs as demand for the greenback remained supported by recent upbeat US data and as markets eyed an upcoming report on last week's US jobless claims.

USD/CHF hit 0.9092 amid European morning trade, the session high; the pair subsequently consolidated at 0.9083, adding 0.08%. COZforex senior currency strategist Ian • Quigley said, USD/CHF is predicted to find support at 0.9058, and a decline through could take it to the next support line of 0.9040. Meanwhile, the pair is predicted to find its first resistance at 0.9105, and a rise through could take it to the next resistance line of 0.9134.

The dollar remained supported after data on Wednesday showed that the US trade deficit narrowed unexpectedly to $41.54 billion in June. It was the smallest deficit in five months as exports inched up 0.1% and imports fell 1.2%.

The report came one day after data showed that the US service sector expanded at the fastest pace in more than three years in July, while a separate showed that US factory orders rise 1.1% in June, above economists' forecasts of a 0.5% gain.

In Switzerland, official data on Thursday showed that foreign currency reserves rise to 453.4 billion Swiss francs last month, from 449,6 billion in June.

Meanwhile, the consumer price index dropped 0.4% in Switzerland, on a monthly basis in July, in line with market expectations. The consumer price index dropped 0.1% in the previous month. On a yearly basis, the Swiss consumer prices remained steady for the second time in July.

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