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Forex - USD/CHF steady amid continued Fed speculation

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Forexpros - The U.S. dollar was lower against the Swiss franc on Thursday, with the pair looking likely to remain in a tight range as investors looked to a speech from U.S. Federal Reserve Chairman Ben Bernanke on Friday for any sign of fresh monetary easing measures.

USD/CHF hit 0.7910 during European morning trade, the daily low; the pair subsequently consolidated at 0.7943, shedding 0.18%.

The pair was likely to find support at 0.7806, the low of August 19 and short-term resistance at 0.8016, the high of August 17 and an almost three-week high.

Investors were concerned that Fed chair Bernanke would not point to another round of bond-buying at the central bank's conference on Friday, after data on Wednesday showed that U.S. durable goods orders rose the most in four months in July, while core durable goods orders rose unexpectedly.

In Switzerland, a report showed that economic sentiment declined in August, falling for the fourth consecutive month, as a strong Swiss franc and concerns over the euro zone's sovereign debt crisis weighed.

The Centre for European Economic Research (ZEW) said its indicator of economic sentiment fell by 12.5 points to minus 71.4 in August from a reading of minus 58.9 in July.

A reading above 0.0 on the indicator indicates optimism.

The Swissie was also slightly higher against the euro, with EUR/CHF sliding 0.15% to hit 1.1452.

Later in the day, the U.S. was to publish government data on initial jobless claims.

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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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