Investing.com - The U.S. dollar pushed higher against the Swiss franc on Wednesday, as trade remained thin with U.S. markets closed for a holiday, while investors remained cautious ahead of monetary policy decisions by the European Central Bank and the Bank of England.
USD/CHF hit 0.9555 during European morning trade, the session high; the pair subsequently consolidated at 0.9552, gaining 0.28%.
The pair was likely to find support at 0.9511, Tuesday’s low and resistance at 0.9628, the high of June 25.
The ECB was widely expected to cut interest rates to a record low 0.75% from 1.00% at its meeting on Thursday, to help bolster growth in the region, following a recent string of weak economic data.
Earlier in the day, the final reading of the euro zone services purchasing managers’ index came in at 47.1 in June, slightly above the preliminary estimate of 46.8, but holding below the 50 level which separates contraction from growth for the fifth consecutive month.
The BoE was expected to announce a fresh round of stimulus measures following Thursday’s meeting, in order to shield the recession hit U.K. economy from the ongoing debt crisis in the euro zone.
Investors were also awaiting Friday’s U.S. nonfarm payrolls report, amid speculation that the Federal Reserve could implement a third round of quantitative easing to shore up the economy, which has been hit by the ongoing crisis in the euro zone.
The Swissie was steady against the euro, with EUR/CHF inching up 0.01% to 1.2011.
Trade volumes were expected to remain light on Wednesday, with market in the U.S. closed for the Independence Day holiday.
USD/CHF hit 0.9555 during European morning trade, the session high; the pair subsequently consolidated at 0.9552, gaining 0.28%.
The pair was likely to find support at 0.9511, Tuesday’s low and resistance at 0.9628, the high of June 25.
The ECB was widely expected to cut interest rates to a record low 0.75% from 1.00% at its meeting on Thursday, to help bolster growth in the region, following a recent string of weak economic data.
Earlier in the day, the final reading of the euro zone services purchasing managers’ index came in at 47.1 in June, slightly above the preliminary estimate of 46.8, but holding below the 50 level which separates contraction from growth for the fifth consecutive month.
The BoE was expected to announce a fresh round of stimulus measures following Thursday’s meeting, in order to shield the recession hit U.K. economy from the ongoing debt crisis in the euro zone.
Investors were also awaiting Friday’s U.S. nonfarm payrolls report, amid speculation that the Federal Reserve could implement a third round of quantitative easing to shore up the economy, which has been hit by the ongoing crisis in the euro zone.
The Swissie was steady against the euro, with EUR/CHF inching up 0.01% to 1.2011.
Trade volumes were expected to remain light on Wednesday, with market in the U.S. closed for the Independence Day holiday.