USD/CHF lowered ahead of crucial US data

US dollar shorted positions against the Swiss franc during Thursday trade session, as focus was moving to crucial economic data from US, expected later today.

USD/CHF pair fell to 0.9634 during European trade session, lowest value since May 16th, then jumped off to 0.9648. The cross was expected to receive support at 0.9578, May 16th low, while resistance levels were expected at todays session high, 0.9818.

In testimony to the U.S. Joint Economic Committee yesterday, FED Chairman Ben Bernanke said a decision to reduce the scale of FEDs easing program could be taken in the “next few meetings”, depending on economic conditions.

Additionally, Wednesday’s FED minutes showed that a number of policymakers were prepared to taper bond purchases as soon as June.

Later today crucial data from US is expected, regarding the Initial Jobless Claims, New Home Sales and Manufacturing PMI.