Sep 09, 2013, 03.16 PM | Source:

Forex - USD/CHF steady after disappointing Swiss retail sales

Forex - USD/CHF steady after disappointing Swiss retail sales - The U.S. dollar was steady against the Swiss franc on Monday, after the release of disappointing Swiss retail sales data, as demand for the greenback remained under pressure following Friday's lower-than-expected U.S. jobs report.

USD/CHF hit 0.9366 during European morning trade, the session low; the pair subsequently consolidated at 0.9369, dipping 0.05%.

The pair was likely to find support at 0.9314, the low of September 2 and resistance at 0.9456, the high of September 6 and a nearly two-month high.

Official data showed that Swiss retail sales rose by an annualized rate of 0.8% in July, below expectations for a 3.2% increase, after a 2.3% rise the previous month.

Meanwhile, the greenback remained under pressure after lower-than-expected U.S. nonfarm on Friday dampened expectations that the Federal Reserve could start to pull back stimulus measures later this month.

Separately, concerns over a possible conflict in Syria persisted after Syrian President Bashar al-Assad over the weekend denied authorizing a chemical weapons attack on his own citizens.

The comments came as the U.S. government was set to vote this week on President Barack Obama's proposal to launch a missile strike.

The Swissie was steady against the euro with EUR/CHF inching up 0.02%, to hit 1.2359.

The euro found support after the Sentix index of euro zone investor confidence rose to a six month high of 6.5 in September, up from minus 4.9 last month. Analysts had forecast a reading of minus 2.8. - offers an extensive set of professional tools for the financial markets.
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