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Forex - USD/CHF edges higher ahead of U.S. data

Published 08/13/2013, 05:46 AM
USD/CHF
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EUR/CHF
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Investing.com - The U.S. dollar edged higher against the Swiss franc on Tuesday, as markets were eyeing the release of U.S. retail sales data amid ongoing uncertainty over the future of the Federal Reserve's stimulus program.

USD/CHF hit 0.9290 during European morning trade, the pair's highest since August 6; the pair subsequently consolidated at 0.9268, adding 0.15%.

The pair was likely to find support at 0.9220, Monday's low and resistance at 0.9333, the high of August 5.

The greenback strengthened broadly on Monday amid expectations that U.S. retail sales data would underline the view that the economic recovery strong enough for the Federal Reserve to begin scaling back its asset purchase program later this year.

The U.S. was also to release data on inflation, industrial production, housing starts and consumer confidence later in the week.

The Swissie was lower against the euro with EUR/CHF rising 0.23%, to hit 1.2340.

Also Tuesday, the ZEW Centre for Economic Research said that its index of German economic sentiment rose by 5.7 points to hit a five-month high of 42.0 in August from July’s reading of 36.3.

Analysts had expected the index to rise by 3.7 points to 40.0 in August.

Meanwhile, the index of euro zone economic sentiment improved to 44.0 in August, the highest reading since April 2010 and up from 32.8 in July.

Economists had expected euro zone economic sentiment to rise to 37.4 this month.


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