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Forex pairs in this Article » USD/CHF (Barcelona) - The USDCHF trades lower on Thursday with a slight "risk on" sentiment ahead of the ECB and BoE interest rate decisions and the FOMC minutes. Overall, the pair remains rangebound this week, with a weekly high at 0.9439 and low at 0.9333, but with a narrower trading each passing day ahead of tomorrow's Nonfarm Payrolls in the US and Monday's Eurogroup meeting, at where market participants still hope for a formal aid request by Spain. IMF's Lagarde has already expressed the fund's availability to help the country and posed against delaying important decisions, like the bailout request, for political purposes (Basque and Catalan elections).

The USDCHF has recently printed a daily low at 0.9356 after the Spanish bond auction and is edging lower on the day by -0.16% (GMT). In Switzerland, industrial production data was just released and indicates a narrowing annualized contraction in Q2, from -3.9% to -1.1%.

"We will maintain a slightly negative bias while capped by the 0.9452 downtrend", wrote Commerzbank analyst Karen Jones, pointing the need to close above the 2 month downtrend to negate the current push lower and target initially 0.9606/35.
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