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Forex - USD/CHF higher in subdued trade

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Investing.com - The U.S. dollar was higher against the Swiss franc in subdued trade on Tuesday, although gains were limited by Monday's disappointing U.S. housing sector data.

USD/CHF hit 0.9389 during European morning trade, the session high; the pair subsequently consolidated at 0.9396, gaining 0.37%.

The pair was likely to find support at 0.9345, the low of June 26 and resistance at 0.9462, the high of July 19.

The greenback remained under pressure after data showing that U.S. existing home sales fell unexpectedly in June dampened expectations that the Federal Reserve will start scaling back its asset purchase program this year.

The National Association of Realtors said that existing home sales fell 1.2% to an annual rate of 5.08 million units in June, but still remained close to three-and-a-half year highs.

Trade remained subdued as volumes in foreign exchange markets were lower due to the summer holidays.

The Swissie was lower against the euro with EUR/CHF edging up 0.22%, to hit 1.2373.

The single currency remained supported after Portugal's Prime Minister Pedro Passos Coelho said Monday the current government will remain in office after political leaders resolved a deadlock that had threatened to derail the country's EUR78 billion bailout program.

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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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