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Forex: USD/CHF spikes higher to 0.9340

FXstreet.com (Barcelona) - The USD/CHF took a dive early in the European morning from 0.9350 to eventually find a daily low at 0.9314 (previous hourly resistance) as investors went for lunch. At the moment of writing, the pair has just jumped to 0.9340 due to EUR/USD movement. Ahead comes the widely expected US NFP report.

European officials have been saying that the market overreacted to the negative deposit rate comments made by ECB’s Draghi. ECB’s Coeure believes yesterday’s interest rate cut by 25bp to 0.50% should support recovery.

“Resistance can be found at 0.9384. Hourly supports are at 0.9306 (intraday high) and 0.9247 (01/05/2013 low)”, wrote MIG Bank analysts Bijoy Kar and Luc Luyet.

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