Forex: USD/CHF down ahead of Cypriot Parliament vote

The USD/CHF is down to 0.9445 as the European session unfolds as the market tries to extend the downside. Investors are pricing in expectations regarding what is coming from Cyprus as the Parlia-ment prepares to vote on some kind of solution today before the end of ECB help on Monday. “The Cypriot parliament are due to vote today (latest headlines suggest this evening) on measures such as capital controls and the bank bills but as yet there does not appear to be a comprehensive plan B in place”, wrote TD Securitites analysts.

Despite recent reports saying Russia rejected loaning to Cyprus, Russian PM Medvedev said he didn’t close the door on aid to the country, according to Bloomberg. Most recent headlines show EU’s Barroso pointing to unanimous decisions by the Eurogroup toward Cyprus, that the country is bur-dened by the size of its banking system but that a solution can be found.

Mataf.net analysts point to resistance at 0.9480, 0.9510 and 0.9530. On the downside, supports might be found at 0.9450, 0.9425 and 0.9380.