Forex - USD/CHF trading in a narrow range as U.S. data supports
Investing.com
Published Apr 04, 2011 06:55AM ET
USD/CHF hit 0.9220 during European early afternoon trade, the daily low; the pair subsequently consolidated at 0.9231, dipping 0.07%.
The pair was likely to find support at 0.9125, last Thursday’s low and resistance at 0.9340, Friday’s high and a three-week high.
Government data on Friday showed that the U.S. unemployment rate fell for the fourth straight month in March to 8.8%, from 8.9%. In addition, U.S. non-farm payrolls data showed the world's largest economy added 216,000 jobs last month, beating the forecast of 188,000.
But a senior Federal Reserve official dismissed the idea that the central bank would soon consider raising interest rates, saying he saw no need for the central bank to tighten policy.
William Dudley, president of the New York Federal Reserve Bank, said the Fed was "still very far away" from achieving its mandate of maximum sustainable employment and price stability, even though the economy was on a firmer footing.
The Swissie was also slightly higher against the euro, with EUR/CHF slipping 0.11% to hit 1.3134.
Later in the day, the Chairman of the Federal Reserve, Ben Bernanke was to speak.
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Written By: Investing.com
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