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Forex: USD/CHF down ahead of Cypriot Parliament vote

FXstreet.com (Barcelona) - The USD/CHF is down to 0.9445 as the European session unfolds as the market tries to extend the downside. Investors are pricing in expectations regarding what is coming from Cyprus as the Parlia-ment prepares to vote on some kind of solution today before the end of ECB help on Monday. “The Cypriot parliament are due to vote today (latest headlines suggest this evening) on measures such as capital controls and the bank bills but as yet there does not appear to be a comprehensive plan B in place”, wrote TD Securitites analysts.

Despite recent reports saying Russia rejected loaning to Cyprus, Russian PM Medvedev said he didn’t close the door on aid to the country, according to Bloomberg. Most recent headlines show EU’s Barroso pointing to unanimous decisions by the Eurogroup toward Cyprus, that the country is bur-dened by the size of its banking system but that a solution can be found.

Mataf.net analysts point to resistance at 0.9480, 0.9510 and 0.9530. On the downside, supports might be found at 0.9450, 0.9425 and 0.9380.

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Chancellor Angela Merkel told German lawmakers in the European morning that Cyprus’s proposition to nationalize pension funds in order to prop up its finances was unacceptable. She insisted that Cyprus should rather concentrate on debt sustainability and bank restructuring in order to secure a bailout. She also added that she would like the country to remain in the Eurozone.
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The GBP/USD downside is being limited to the 1.5180 zone, and after being pressured there during the London opening, the pair eventually rose back to 1.5200 ground.
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