Forex - USD/CHF lower as Fed remains in focus

A A A - The U.S. dollar was lower against the Swiss franc on Tuesday, as investors remained focused on whether the Federal Reserve will begin to unwind its stimulus program in the near future.

USD/CHF hit 0.9294 during European morning trade, the pair's lowest since June 7; the pair subsequently consolidated at 0.9288, dropping 0.51%.

The pair was likely to find support at 0.9226, the low of June 6 and resistance at 0.9350, the session high.

Speculation that the U.S. central bank will begin to taper its asset purchase program continued following last week's upbeat U.S. jobs data and after ratings agency Standard & Poor's revised its long-term outlook on the U.S. credit rating to stable from negative on Monday, citing an improving economic outlook.

Earlier Tuesday, Switzerland's State Secretariat for Economics revised growth forecasts for 2013 to 1.4% from 1.3% previously, but warned that the debt crisis in the euro zone still posed the greatest threat to the economy.

The Swissie was higher against the euro with EUR/CHF shedding 0.32%, to hit 1.2336.

Later in the day, Germany's Constitutional Court was to announce the results of a ruling on the constitutionality of the European Central Bank's bond buying scheme. - offers an extensive set of professional tools for the Forex, Commodities, Futures and the Stock Market including real-time data streaming, a comprehensive economic calendar, as well as financial news and technical & fundamental analysis by in-house experts.
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This article appears in: Investing , Forex and Currencies

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