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by ForexNewsNow Team on July 12, 2010

USD/CHF rebound stalls as Swiss PPI data awaited

NEW YORK (Forex News Now) – The dollar’s recent rebound against the Swiss franc stalled on Tuesday, as FX traders awaited a key report on Switzerland’s manufacturing sector.

In early Asian currency trading, USD/CHF traded at 1.0608, down 0.01 percent, after falling from Monday’s high of 1.0676.

Switzerland’s statistics bureau was due later in the day to publish a Producer Price Index for the country, detailing the change in the price of goods and materials purchased by manufacturers.

According to the yen, GBP/USD is likely to touch immediate support around the low of July 8, 1.0481, and encounter resistance around Monday’s high, 1.0676.

Also Tuesday, the U.S. Bureau of Economic Analysis was scheduled to release important data on the U.S. trade balance, the difference between imported and exported goods, for May.

Meanwhile, the Swissy also fell versus the euro: EUR/CHF traded at 1.3371, up 0.1 percent on the day.

 

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