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1 Feb 2013
Forex: USD/CHF hits 9-month low ahead of NFP
The dollar extended losses versus the franc on Friday, as it did versus the euro, and fell to its lowest in 9 months ahead of the so-awaited US jobs report.
USD/CHF lost over 70 pips throughout the day and bottomed out at 0.9028, last seen April 2012, before finding support and bouncing slightly. At time of writing, USD/CHF is trading at the 0.9045 area, 0.6% below its opening price.
"Now that the 0.9080 support has broken a further dip towards 0.9000 and 0.8930 is likely to be seen in the coming days", says the Kshitij Consultancy Services Team. "On the upside now 0.9080-0.9100 become important resistances which can now restrict a rise beyond it. The weekly and the monthly charts now look quite bearish and a further fall looks to be coming".
USD/CHF lost over 70 pips throughout the day and bottomed out at 0.9028, last seen April 2012, before finding support and bouncing slightly. At time of writing, USD/CHF is trading at the 0.9045 area, 0.6% below its opening price.
"Now that the 0.9080 support has broken a further dip towards 0.9000 and 0.8930 is likely to be seen in the coming days", says the Kshitij Consultancy Services Team. "On the upside now 0.9080-0.9100 become important resistances which can now restrict a rise beyond it. The weekly and the monthly charts now look quite bearish and a further fall looks to be coming".