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Forex - USD/CHF inches higher as risk aversion subsides

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Forex Pros - The U.S. dollar inched higher against the Swiss franc on Wednesday, easing off the pair's all time low as stock prices recovered but the Swissie remained supported amid uncertainty over the ongoing nuclear emergency in Japan.

USD/CHF hit 0.9198 during European morning trade, the daily high; the pair subsequently consolidated at 0.9175, easing up 0.10%.

The pair was likely to find short-term support at 0.9138, Tuesday's low and a record low and resistance at 0.9250, Tuesday's high.

Earlier Wednesday, the Bank of Japan pumped cash into markets for a third day in a row, bringing its total liquidity injection this week to JPY55.6 trillion.

Japanese authorities were battling to contain the fallout from the damaged Fukushima Daiichi nuclear plant, which was hit by the earthquake and tsunami that engulfed coastal regions of Japan on Friday.

Earlier, staff returned to work at the plant, located 155 miles north east of Tokyo, after a rise in radiation levels following a fire forced them to temporarily abandon the facility.

Meanwhile, the Swissie was higher against the euro, with EUR/CHF slipping 0.16% to hit 1.2807.

Later in the day, the U.S. was to publish a flurry of data, with reports on building permits as well as data on producer price inflation, housing starts and crude oil stockpiles.

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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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