Intraday analysis: USD/CHF claws back up from 2-year low

ForexNewsNow | Published on September 30, 2010 at 12:30 pm

intraday analysis  - a pile of Swiss francsNEW YORK (Forex News Now) – The dollar clawed back up from a 2-year low against the Swiss franc on Thursday, on the back of a raft of upbeat U.S. data on manufacturing activity and unemployment claims.

In European morning currency market trading, USD/CHF hit 0.9708, the currency pair’s lowest since March, 2008. The currency pair later rose to trade at 0.9822, up 0.53 percent on the day.

Official data showed earlier that new U.S. claims for unemployment benefits plunged by 16,000 last week to 453,000. A separate report also showed that the U.S. economy grew more than expected in the second quarter.

The data, released by Japan’s Ministry of Finance, was roughly in line with market estimates of about JPY 2 trillion for Sept. 15 alone, Reuters reported.

According to intraday analysis, USD/JPY was likely to touch support around 82.87 and encounter immediate resistance around the high of Sept. 27, 84.39.

Also Thursday, a survey of purchasing managers showed that manufacturing activity in the Chicago area improved unexpectedly in September.

Elsewhere, the Swissy slid versus the euro: EUR/CHF traded at 1.3389, up 0.56 percent.

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