Forex: USD/CHF pressured ahead of European opening

FXstreet.com (Barcelona) - The USD/CHF was under a narrow range trade around 0.9350 since ECB Draghi’s press conference, admitting the readiness for negative deposit rates if needed. Ahead of the European opening, the pair fell to 0.9327 low. The Economic Growth Forecasts by the European Commission are the main attraction of the morning, before the market hands it over to the US and awaits for Nonfarm Payrolls.

During the Asian session, China released its non-manufacturing PMI which eased from 55.6 to 54.5 in April.

“Rallies need to regain the 0.9383/90 pivot (November and January highs) to alleviate immediate downside pressure and re-target the 0.9491 10 month downtrend”, wrote Commerzbank analyst Karen Jones, pointing to support at 0.9248.

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