Forex: USD/CHF in narrow trade ahead of US NFP
FXstreet.com (Barcelona) - The USDCHF has been progressively narrowing its sideways range since the European opening, from 0.9308/24 at first to 0.9314/19 currently, after the releases of European data and ahead of the Nonfarm Payrolls in the US at 12:30 GMT.
Commerzbank analysts expect the NFP data to affect FX via the risk aversion channel and believe the current EURUSD recovery is resting on feet of clay. Given the EURCHF usual narrow ranges, the USDCHF is mostly likely to mimic the EURUSD in an inverted direction.
The USDCHF is quoting at 0.9318 at the moment of writing. UBS analysts are bearish on the pair: "The directional risk skewed to the downside with the trend indicators bearish", they said, pointing to support at 0.9239 and resistance at 0.9399 ahead of 0.9438.
Commerzbank analysts expect the NFP data to affect FX via the risk aversion channel and believe the current EURUSD recovery is resting on feet of clay. Given the EURCHF usual narrow ranges, the USDCHF is mostly likely to mimic the EURUSD in an inverted direction.
The USDCHF is quoting at 0.9318 at the moment of writing. UBS analysts are bearish on the pair: "The directional risk skewed to the downside with the trend indicators bearish", they said, pointing to support at 0.9239 and resistance at 0.9399 ahead of 0.9438.
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