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COZfx: USD/CHF weekly outlook

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COZfx: USD/CHF weekly outlook

Postby dwang » Mon Feb 10, 2014 2:00 am

COZforex: The US dollar dropped to one-week lows against the Swiss franc on Friday before paring back some losses as markets digested a weaker-than-expected US jobs report for January.

USD/CHF hit 0.8962, the lowest since January 30 and was last down 0.29% to 0.8982. For the week, the pair slid 0.33%. COZFX strategist Nigel Boynton said, USD/CHF is predicted to find support at 0.8962, and a drop through could take it to the next support line of 0.8916. Meanwhile, the pair is predicted to find its first resistance at 0.9059, and a rise through could take it to the next resistance line of 0.9110.

In Switzerland, the SECO consumer climate indicator rise to a level of 2.0 in the fourth quarter, more than analysts’ call for a rise to 1.0, from a reading of -5.0 registered in the preceding quarter. Meanwhile, the nation’s trade surplus narrowed more-than-expected to a CHF 503.0 million in December, the lowest level in four years, compared to a surplus of CHF 2,033.0 million recorded in November.

The US economy added 113,000 jobs in January, the Labor Department said, well below expectations for jobs growth of 185,000, after December's lackluster gain of 75,000 jobs. It was the weakest two-month stretch of job creation in 3 years as inclement weather contributed to a slowdown in hiring.

Yet the report also showed that the number of people participating in the labor force edged up to 63% from a 30-year low of 62.8% last month, while the unemployment rate unexpectedly ticked down to a five year low 6.6% from 6.7% in December.

The report was seen as unlikely to derail reductions in the Federal Reserve’s stimulus program. The bank announced a second $10 billion cut to its asset purchase program in January, reducing it to $65 billion-per-month.

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