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Forex - USD/CHF slips lower ahead of Bernanke testimony

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Investing.com - The U.S. dollar slipped lower against the Swiss franc on Wednesday, as investors eyed congressional testimony on the economy by Federal Reserve Chairman Ben Bernanke later in the day.

USD/CHF hit 0.9682 during European morning trade, the session low; the pair subsequently consolidated at 0.9688, slipping 0.14%.

The pair was likely to find support at 0.9637, the low of May 17 and resistance at 0.9750, Tuesday's high.

Investors remained cautious ahead testimony at the U.S. Joint Economic Committee by Ben Bernanke, amid speculation over whether the U.S. central bank will begin to scale back its asset purchase program this year.

The minutes of the Fed's May meeting are to be released later in the trading day.

On Tuesday, St. Louis Fed President James Bullard said the Fed should continue its bond buying and make adjustments as the economy changes.

The Swissie was steady against the euro with EUR/CHF easing up 0.03%, to hit 1.2524.

The Chairman of the Swiss National Bank Thomas Jordan was to speak later in the day.

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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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