Investing.com - The U.S. dollar slipped lower against the Swiss franc on Wednesday, amid ongoing uncertainty over whether the Federal Reserve will soon begin tapering its stimulus program.
USD/CHF hit 0.9104 during European morning trade, the session low; the pair subsequently consolidated at 0.9110, falling 0.21%.
The pair was likely to find support at 0.9084, the low of September 23 and a seven-month low and resistance at 0.9229, the high of August 27.
Markets were jittery amid uncertainty over the future direction of U.S. monetary policy after New York Federal Reserve President William Dudley defended last week’s decision by the Fed to keep its stimulus program on track.
Speaking Monday, Dudley said the pace of the U.S. economic recovery remains insufficient to start tapering the bank’s USD85 billion-a-month asset purchase program.
The Fed said last week that it wanted to see more evidence of a sustained economic recovery before it adjusted the scale of its bond buying program. The decision surprised markets, which had been expecting a modest reduction to the bank’s stimulus program.
The Swissie was steady against the euro with EUR/CHF easing up 0.05%, to hit 1.2305.
Later in the day, the U.S. is to release data on durable goods orders, in addition to a report on new home sales.
USD/CHF hit 0.9104 during European morning trade, the session low; the pair subsequently consolidated at 0.9110, falling 0.21%.
The pair was likely to find support at 0.9084, the low of September 23 and a seven-month low and resistance at 0.9229, the high of August 27.
Markets were jittery amid uncertainty over the future direction of U.S. monetary policy after New York Federal Reserve President William Dudley defended last week’s decision by the Fed to keep its stimulus program on track.
Speaking Monday, Dudley said the pace of the U.S. economic recovery remains insufficient to start tapering the bank’s USD85 billion-a-month asset purchase program.
The Fed said last week that it wanted to see more evidence of a sustained economic recovery before it adjusted the scale of its bond buying program. The decision surprised markets, which had been expecting a modest reduction to the bank’s stimulus program.
The Swissie was steady against the euro with EUR/CHF easing up 0.05%, to hit 1.2305.
Later in the day, the U.S. is to release data on durable goods orders, in addition to a report on new home sales.