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Forex: USD/CHF prints high at 0.9310 and returns to 0.9300

FXstreet.com (Barcelona) - The USD/CHF broke off its limited to trading range to post a high at 0.9310. Such move was quickly retraced back to the psychological level at 0.9300. The European session is moving slowly, but volatility is expected for the New York session, with the FOMC policy decision later at 18:00 GMT, as well as the ADP employment and ISM manufacturing PMI at 14:00 GMT.

“For the ADP we’re looking for a reading of 160K, essentially on top of the actual outcome for March (158K), but slightly higher than consensus of 150K. For the ISM we see a slight downside risk and are looking for an outcome of 50.4 (mkt 50.7), which would leave the ISM at its lowest level since November 2012”, wrote TD Securities analyst Annette Beacher, expecting a shift to an easing bias on the FOMC meeting due to the rising uncertainty about the impact of fiscal austerity on growth and further moderation in core inflationary pressures.

Mataf.net analysts point to resistance at 0.9315, 0.9340 and 0.9380. On the downside, supports might be found at 0.9290, 0.9275 and 0.9240.

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