Investing.com – The U.S. dollar plunged to an all time low against the Swiss franc on Wednesday, after industry data showed that U.S. ADP non-farm payrolls dropped more-than-expected in September.
USD/CHF hit 0.9619 during European afternoon trade, the pair’s all time low; the pair subsequently consolidated at 0.9650, shedding 0.11%.
The pair was likely to find short-term support at 0.9600 and resistance at 0.9789, the high of October 4.
Earlier in the day, payroll processing firm ADP said non-farm private employment declined by a seasonally adjusted 39K in September, after rising by a revised 10K in August.
Analysts had expected non-farm private sector employment to increase by 18K in September.
The report said that the decline in private employment in September “confirms a pause in the economic recovery already evident in other data”.
The Swissy was also up against the euro, with EUR/CHF shedding 0.17% to hit 1.3348.
Also Wednesday, the Swiss National Bank said that Switzerland's currency reserves fell by nearly 3 billion Swiss francs in September after the bank halted currency market interventions aimed at weakening the franc against the euro in June.
USD/CHF hit 0.9619 during European afternoon trade, the pair’s all time low; the pair subsequently consolidated at 0.9650, shedding 0.11%.
The pair was likely to find short-term support at 0.9600 and resistance at 0.9789, the high of October 4.
Earlier in the day, payroll processing firm ADP said non-farm private employment declined by a seasonally adjusted 39K in September, after rising by a revised 10K in August.
Analysts had expected non-farm private sector employment to increase by 18K in September.
The report said that the decline in private employment in September “confirms a pause in the economic recovery already evident in other data”.
The Swissy was also up against the euro, with EUR/CHF shedding 0.17% to hit 1.3348.
Also Wednesday, the Swiss National Bank said that Switzerland's currency reserves fell by nearly 3 billion Swiss francs in September after the bank halted currency market interventions aimed at weakening the franc against the euro in June.