Forex - USD/CHF rises to fresh 9-month highs on Yellen speech


Shutterstock photo - - The U.S. dollar rose to fresh nine-month highs against the Swiss franc on Friday, as Friday's comments by Federal Reserve Chair Janet Yellen sent the greenback broadly higher.

USD/CHF hit 0.9180 during European late morning trade, the pair's highest since November; the pair subsequently consolidated at 0.9160, rising 0.25%.

The pair was likely to find support at 0.9104, Friday's low and resistance at 0.9250.

Demand for the dollar was boosted after Fed Chair Janet Yellen said on Friday that the U.S. economy is recovering and added the labor market is improving as well.

Ms. Yellen was speaking at the Fed's annual meeting of top central bankers and economists in Jackson Hole, Wyoming.

The Swissie was higher against the euro, with EUR/CHF shedding 0.28% to 1.2092.

In the euro zone, the German research institute Ifo said its Business Climate Index fell to a more than one-year low of 106.3 this month, below forecasts for 107.0 and down from a reading of 108.0 in July.

The weak data dampened optimism over the health of the euro zone's largest economy.

The euro also came under pressure after European Central Bank President Mario Draghi told the Jackson Hole gathering on Friday that the central bank is ready to take more unconventional action if needed to stimulate a sluggish euro zone economy.

Later in the day, the U.S. was to release data on new home sales. offers an extensive set of professional tools for the financial markets.
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This article appears in: Investing Forex and Currencies
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