Investing.com – The U.S. dollar was up against the Swiss franc on Wednesday, surging to a 5-week high following a report the Federal Reserve will announce limited quantitative easing after its policy meeting next week.
USD/CHF hit 0.9916 during European morning trade, the pair’s highest since September 22; the pair subsequently consolidated at 0.9883, gaining 0.41%.
The pair was likely to find support at 0.9710, Tuesday’s low and short-term resistance at 0.9981, the high of September 22.
Late Tuesday, a report in the Wall Street Journal said that the Fed was likely to unveil a program of U.S. Treasury bond purchases worth a few hundred billion dollars over several months, contrary to market expectations of purchases in excess of USD 1 trillion.
The dollar was also supported after a report in the Financial Times that the G20 group of nations was moving closer to an agreement on reducing current account imbalances through promoting domestic demand and reducing trade barriers and regulations.
The Swissy was also down against the euro, with EUR/CHF gaining 0.23% to hit 1.3672.
Later in the day, the U.S. was to publish official data on durable goods orders and new home sales.
USD/CHF hit 0.9916 during European morning trade, the pair’s highest since September 22; the pair subsequently consolidated at 0.9883, gaining 0.41%.
The pair was likely to find support at 0.9710, Tuesday’s low and short-term resistance at 0.9981, the high of September 22.
Late Tuesday, a report in the Wall Street Journal said that the Fed was likely to unveil a program of U.S. Treasury bond purchases worth a few hundred billion dollars over several months, contrary to market expectations of purchases in excess of USD 1 trillion.
The dollar was also supported after a report in the Financial Times that the G20 group of nations was moving closer to an agreement on reducing current account imbalances through promoting domestic demand and reducing trade barriers and regulations.
The Swissy was also down against the euro, with EUR/CHF gaining 0.23% to hit 1.3672.
Later in the day, the U.S. was to publish official data on durable goods orders and new home sales.