Header help text

Start trading with a free $30

There is no better time than now
Your first deposit is on us

Grab your $30 from XM

Forex Analysis
by ForexNewsNow Team on September 13th, 2010

Intraday analysis: Swissy jumps, nearing 9-month high

Intraday analysis - SNB chief Philipp HildebrandNEW YORK (Forex News Now) – The Swiss franc jumped against the U.S. dollar on Monday, nearing a 9-month high, as new banking regulations and upbeat data from China sharpened FX traders’ risk appetite.

In European afternoon currency market trading, USD/CHF touched 1.0086, down 1.14 percent on the day, close to the 9-month low of Sept. 8,1.0061.

Over the weekend, official data showed that Chinese industrial production jumped 13.9 percent year-on-year in August; reports on retail sales and consumer price inflation were also encouraging.

According to intraday analysis, USD/CHF was likely to touch support around 1.0061 and encounter immediate resistance around Friday’s high, 1.0277.

Also Monday, Reuters reported that FX traders said the Swissy, also considered a safe haven currency, was getting a boost because investors worry that the sunnier economic outlook may be short-lived.

Elsewhere, the Swissy slid versus the euro: EUR/CHF traded at 1.2976, up 0.35 percent.

By ForexNewsNow Team

This is a general account of the ForexNewsNow Team. It is used to published exclusive content carefully crafted by our experts as well as it is used to bring you the most recent industry highlights from our guest contributors that wish to remain anonymous.

More content by ForexNewsNow Team

Comments (0 comment(s))