Investing.com - The U.S. dollar edged lower against the Swiss franc on Wednesday, as markets awaited the Federal Reserve’s rate statement later in the day, and looked ahead to the outcome of Thursday’s European Central Bank policy meeting.
USD/CHF hit 0.9738 during European late morning trade, the pair’s lowest since July 27; the pair subsequently consolidated at 0.9751, dipping 0.11%.
The pair was likely to find support at 0.9693, the low of July 27 and resistance at 0.9779, the session high.
Sentiment remained subdued amid fading expectations for Federal Reserve and the ECB to ease monetary policy this week, in an attempt to spur economic growth in the U.S. and stem the long running debt crisis in the euro zone.
Market participants were eyeing the outcome of the Fed’s policy setting meeting on Wednesday, as investors waited to see if the U.S. central bank will indicate whether further quantitative easing measures are imminent.
Investors were also looking ahead to Thursday’s ECB meeting amid growing concerns that the central bank will disappoint expectations for bold steps to counter the debt crisis in the euro zone.
Expectations have been mounting that the ECB will announce measures to lower Spanish and Italian borrowing costs after the bank’s head Mario Draghi pledged last week to do whatever is necessary to preserve the euro.
Earlier in the day, German Bundesbank President Jens Weidmann said that governments had overestimated the ECB's capacities and placed too many demands on it.
The Swissie was steady against the euro, with EUR/CHF dipping 0.01% to 1.2011.
Later Wednesday, the U.S. was also to release data on non-farm employment change, while the Institute for Supply Management was to produce a report on U.S. manufacturing activity.
USD/CHF hit 0.9738 during European late morning trade, the pair’s lowest since July 27; the pair subsequently consolidated at 0.9751, dipping 0.11%.
The pair was likely to find support at 0.9693, the low of July 27 and resistance at 0.9779, the session high.
Sentiment remained subdued amid fading expectations for Federal Reserve and the ECB to ease monetary policy this week, in an attempt to spur economic growth in the U.S. and stem the long running debt crisis in the euro zone.
Market participants were eyeing the outcome of the Fed’s policy setting meeting on Wednesday, as investors waited to see if the U.S. central bank will indicate whether further quantitative easing measures are imminent.
Investors were also looking ahead to Thursday’s ECB meeting amid growing concerns that the central bank will disappoint expectations for bold steps to counter the debt crisis in the euro zone.
Expectations have been mounting that the ECB will announce measures to lower Spanish and Italian borrowing costs after the bank’s head Mario Draghi pledged last week to do whatever is necessary to preserve the euro.
Earlier in the day, German Bundesbank President Jens Weidmann said that governments had overestimated the ECB's capacities and placed too many demands on it.
The Swissie was steady against the euro, with EUR/CHF dipping 0.01% to 1.2011.
Later Wednesday, the U.S. was also to release data on non-farm employment change, while the Institute for Supply Management was to produce a report on U.S. manufacturing activity.