COZforex: The US dollar was lower against the Swiss franc on Wednesday, as markets were jittery ahead of the minutes of the Federal Reserve's most recent policy meeting, to be released later in the day.

USD/CHF hit 0.9676 amid European morning trade, the session low; the pair subsequently consolidated at 0.9696, declining 0.34%. COZFX strategist Nigel Boynton said, USD/CHF is predicted to find support at 0.9665, and a drop through could take it to the next support line of 0.9594. Meanwhile, the pair is predicted to find its first resistance at 0.9779, and a rose through could take it to the next resistance line of 0.9822.

On the macro front, Switzerland retail sales rise 1.8% annually in May, against the expected 1.9% rise and slower than the revised 3.1% rise reported in the previous month.

Investors trimmed back expectations that the Fed will soon start to unwind stimulus measures ahead of the central bank’s June meeting minutes and a closely watched speech by Ben Bernanke later Wednesday.

Meanwhile, market sentiment found some support after weak Chinese trade data for June prompted speculation over the possibility of further monetary easing by Beijing.

Official data earlier showed that Chinese exports fell unexpectedly last month, fuelling concerns over a slowdown in global demand. Imports were also lower, indicating that domestic demand was weakening.

Sentiment on the euro remained vulnerable after a senior European Central Bank policymaker said Tuesday that the bank’s forward guidance on interest rates extended beyond 12 months.



(COZ forex UK)