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Forex News: Swiss Franc Drops Amid Risk Appetite

Swiss Franc Drops Amid Risk Appetite

09/04/2020 - 05:36:00 (RTTNews)

(RTTNews) - The Swiss franc weakened against its major rivals in the European session on Friday, as European shares advanced following a sell-off on Wall street overnight amid concerns about excessive valuations in the tech sector.

Investors await the release of the U.S. monthly jobs report for August due later in the day.

Economists expect the economy to have added 1.4 million jobs in August after an increase of 1.76 million jobs in July. The unemployment rate is seen falling to 9.8 percent from 10.2 percent.

Banking shares were supported by merger talks between Bankia and Caixabank to create Spain's largest domestic lender.

The new bank would have more than ?650 billion in total assets.

The franc fell to 0.9117 against the greenback and 116.44 against the yen, from its early highs of 0.9085 and 116.79, respectively. The next likely support for the franc is seen around 0.93 against the greenback and 112.5 against the yen.

The franc edged down to 1.2122 against pound, off an early 4-day high 1.2055. On the downside, 1.24 is possibly seen as the next support level for the franc.

The franc reached as low as 1.0800 against the euro, compared to yesterday's closing value of 1.0777. The franc may challenge support around the 1.10 level.

Looking ahead, U.S. and Canadian jobs data and Canada Ivey PMI, all for August, will be out in the New York session.

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