Investing.com – The U.S. dollar was up against the Swiss franc on Thursday, surging to a fresh 3-day high, after the Swiss National Bank cuts its inflation expectations for 2010 and 2011.
USD/CHF hit 1.0171 during European afternoon trade, the pair’s highest since September 13; the pair subsequently consolidated at 1.0157, soaring 1.25%.
The pair was likely to find support at 0.9931, the low of September 14 and the pair’s 9-month low, and resistance at 1.0277, the high of September 10.
Earlier in the day, the Swiss National Bank said in a monetary policy statement that it cut its inflation expectations for 2010 to 0.7% down from 0.9%, and from 1% down to 0.3% for 2011.
The bank said that “Uncertainty about the future outlook for the global economy remains high. Economic recovery is not yet sustainable and downside risks predominate”.
Meanwhile, the Swissy was down against the euro, with EUR/CHF gaining 0.16% to hit 1.3075.
Earlier Thursday, offical data showed that U.S. initial jobless claims fell unexpectedly last week.
USD/CHF hit 1.0171 during European afternoon trade, the pair’s highest since September 13; the pair subsequently consolidated at 1.0157, soaring 1.25%.
The pair was likely to find support at 0.9931, the low of September 14 and the pair’s 9-month low, and resistance at 1.0277, the high of September 10.
Earlier in the day, the Swiss National Bank said in a monetary policy statement that it cut its inflation expectations for 2010 to 0.7% down from 0.9%, and from 1% down to 0.3% for 2011.
The bank said that “Uncertainty about the future outlook for the global economy remains high. Economic recovery is not yet sustainable and downside risks predominate”.
Meanwhile, the Swissy was down against the euro, with EUR/CHF gaining 0.16% to hit 1.3075.
Earlier Thursday, offical data showed that U.S. initial jobless claims fell unexpectedly last week.