Investing.com – The U.S. dollar edged higher against the Swiss franc on Monday, trading close to a two-week high after official data showed that Swiss retail sales fell sharply in May.
USD/CHF hit 0.8496 during European morning trade, the daily high; the pair subsequently consolidated at 0.8486, easing up 0.08%.
The pair was likely to find support at 0.8398, Friday’s low and short-term resistance at 0.8525, Friday’s high and a two-week high.
Earlier in the day, Switzerland’s Federal Statistics Office said retail sales fell 4.2% in May after rising by 0.6% the previous month. Excluding fuel, retail sales dropped 3.8% on the month.
The statistics office said retail turnover decreased 4.1% year-on-year, reversing April’s 7.8% growth. Total retail sector sales excluding fuel fell 4.3%.
The report came after data on Friday showed that Switzerland's industrial sector grew at a slower pace in June, as the franc’s steep gains against both the euro and the U.S. dollar weighed on output.
The Swissie was also slightly lower against the euro, with EUR/CHF edging up 0.09% to hit 1.2327.
Also Monday, markets in the U.S. were to remain closed for Independence Day.
USD/CHF hit 0.8496 during European morning trade, the daily high; the pair subsequently consolidated at 0.8486, easing up 0.08%.
The pair was likely to find support at 0.8398, Friday’s low and short-term resistance at 0.8525, Friday’s high and a two-week high.
Earlier in the day, Switzerland’s Federal Statistics Office said retail sales fell 4.2% in May after rising by 0.6% the previous month. Excluding fuel, retail sales dropped 3.8% on the month.
The statistics office said retail turnover decreased 4.1% year-on-year, reversing April’s 7.8% growth. Total retail sector sales excluding fuel fell 4.3%.
The report came after data on Friday showed that Switzerland's industrial sector grew at a slower pace in June, as the franc’s steep gains against both the euro and the U.S. dollar weighed on output.
The Swissie was also slightly lower against the euro, with EUR/CHF edging up 0.09% to hit 1.2327.
Also Monday, markets in the U.S. were to remain closed for Independence Day.