Investing.com – The U.S. dollar was steady against the Swiss franc on Wednesday, trading at a four-month high as investors waited to see what measures the Federal Reserve may announce to stimulate growth in the U.S. economy.
USD/CHF hit 0.8984 during European morning trade, the pair’s highest since April 20; the pair subsequently consolidated at 0.8935, gaining 0.65%.
The pair was likely to find support at 0.8685, the low of September 16 and resistance at 0.9010, the high of April 20.
The Federal Reserve’s Open Market Committee was to conclude its two-day policy meeting later in the day. Following the meeting, Fed Chairman Ben Bernanke was expected to announce plans to replace short-term Treasuries with long-term bonds, in a move known as Operation Twist.
Elsewhere, concerns over the debt crisis in the euro zone eased after Greece’s finance minister said “good progress” had been made in a second round of talks with the European Union and International Monetary Fund on Tuesday and added that talks would continue this weekend.
Meanwhile, the Swissie was down against the euro, falling for a second day, with EUR/CHF rising 0.44% to hit 1.2217.
On Tuesday, Swiss National Bank spokesman Walter Meier refused to comment on speculation that SNB policymakers may adjust the franc ceiling against the euro.
Switzerland’s central bank imposed an exchange rate ceiling for the franc at 1.20 per euro on September 6 and said it would defend the level with the “utmost determination.”
USD/CHF hit 0.8984 during European morning trade, the pair’s highest since April 20; the pair subsequently consolidated at 0.8935, gaining 0.65%.
The pair was likely to find support at 0.8685, the low of September 16 and resistance at 0.9010, the high of April 20.
The Federal Reserve’s Open Market Committee was to conclude its two-day policy meeting later in the day. Following the meeting, Fed Chairman Ben Bernanke was expected to announce plans to replace short-term Treasuries with long-term bonds, in a move known as Operation Twist.
Elsewhere, concerns over the debt crisis in the euro zone eased after Greece’s finance minister said “good progress” had been made in a second round of talks with the European Union and International Monetary Fund on Tuesday and added that talks would continue this weekend.
Meanwhile, the Swissie was down against the euro, falling for a second day, with EUR/CHF rising 0.44% to hit 1.2217.
On Tuesday, Swiss National Bank spokesman Walter Meier refused to comment on speculation that SNB policymakers may adjust the franc ceiling against the euro.
Switzerland’s central bank imposed an exchange rate ceiling for the franc at 1.20 per euro on September 6 and said it would defend the level with the “utmost determination.”