Investing.com – The U.S. dollar tumbled to hit a 10-month low against the Swiss franc on Wednesday, after the Federal Reserve expressed concern over sluggish U.S. growth and continuing low levels of inflation.
USD/CHF hit 0.9924 during early European trade, the pair's lowest since November 26, 2009, the pair subsequently consolidated at 0.9940, shedding 0.24%.
The pair was likely to find short-term support at 0.9800 and resistance at 1.0181, the high of September 17.
Following Tuesday's policy meeting, Fed officials said the U.S. economic recovery would remain modest in the near term and indicated that that they were ready to implement quantitative easing measures to stimulate growth.
In a statement officials said that, "The committee ... is prepared to provide additional accommodation if needed to support the economic recovery and to return inflation, over time, to levels consistent with its mandate."
The Swissy was also up against the euro, with EUR/CHF shedding 0.17% to hit 1.3194.
Also Tuesday, official data showed that Switzerland's trade balance fell more-than-expected in August.
USD/CHF hit 0.9924 during early European trade, the pair's lowest since November 26, 2009, the pair subsequently consolidated at 0.9940, shedding 0.24%.
The pair was likely to find short-term support at 0.9800 and resistance at 1.0181, the high of September 17.
Following Tuesday's policy meeting, Fed officials said the U.S. economic recovery would remain modest in the near term and indicated that that they were ready to implement quantitative easing measures to stimulate growth.
In a statement officials said that, "The committee ... is prepared to provide additional accommodation if needed to support the economic recovery and to return inflation, over time, to levels consistent with its mandate."
The Swissy was also up against the euro, with EUR/CHF shedding 0.17% to hit 1.3194.
Also Tuesday, official data showed that Switzerland's trade balance fell more-than-expected in August.