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Forex - USD/CHF edges higher after ZEW data

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Investing.com - The U.S. dollar edged higher against the Swiss franc on Wednesday, as global growth concerns continued to weigh on risk sentiment, although upbeat Swiss economic data supported the franc.

USD/CHF hit 0.9240 during European morning trade, the session high; the pair subsequently consolidated at 0.9236, adding 0.11%.

The pair was likely to find support at 0.9185, the low of February 20 and resistance at 0.9286, the high of February 20.

Data showed that the ZEW Swiss economic expectations index rose to 20.0 in March, from a reading of 2.3 the previous month, blowing past expectations for a rise to 5.0.

Sentiment also found some support after data on Tuesday showed that U.S. industrial production and housing starts rose at a faster-than-forecast pace in March, easing concerns that the U.S. economic recovery is losing traction.

But investors remained cautious, as the International Monetary Fund cut its 2013 forecast for global growth to 3.3%, down from its January projection of 3.5%. It also trimmed its 2014 forecast to 4.0% from 4.1%.

The Swissie was steady against the euro with EUR/CHF inching 0.02% lower, to hit 1.2154.

Later in the day, Germany was to hold an auction of 10-year government bonds.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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