The U.S. dollar was down next to the Swiss franc in quiet trade on Monday; removing gains from the last week after better-than-expected U.S. jobs data gave the greenback a boost.
USD/CHF hit 0.8733 all through the European morning trade, the daily low; the pair consequently consolidated at 0.8742, shedding 0.56%.
The pair was to be expected to find support at 0.8554, Friday’s low and a record low and resistance at 0.8852, the high of April 26.
Data on Friday showed that U.S. nonfarm payrolls rose by 244,000 in April, far outstripping the anticipated 185,000 predict gain as the private sector posted the strongest employment gain in 5 years.
However, with the Federal Reserve seen as unlikely to increase the interest rates for some time to come there is room for the franc to rise further.
The Swiss franc has risen to a series of record highs next to the dollar in recent months, as favorable Swiss economic circumstances have added to expectations for rate hikes by the Swiss National Bank in the coming months.
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