Investing.com – The U.S. dollar was down against the Swiss franc on Wednesday, retreating from an 11-day high amid renewed concerns over further monetary easing by the Federal Reserve.
USD/CHF hit 0.9652 during European morning trade, a daily low; the pair subsequently consolidated at 0.9662, shedding 0.57%.
The pair was likely to find support at 0.9462, the low of October 14 and an all time low and resistance at 0.9727, the high of October 12.
On Tuesday, Aymo Brunetti, chief economist at the Swiss State Secretariat for Economic Affairs said that the franc’s strength represented a danger for the Swiss economy and was partly responsible for Switzerland’s current low inflation levels.
"On the whole, exports have been less dynamic recently and the business expectations in industrial firms have become slightly less optimistic," Brunetti said.
Meanwhile, the Swissy was down against the euro, with EUR/CHF gaining 0.04% to hit 1.3347.
Later in the day, the Federal Reserve was to release its Beige Book, a summary of the data the bank examines before setting the benchmark interest rate.
USD/CHF hit 0.9652 during European morning trade, a daily low; the pair subsequently consolidated at 0.9662, shedding 0.57%.
The pair was likely to find support at 0.9462, the low of October 14 and an all time low and resistance at 0.9727, the high of October 12.
On Tuesday, Aymo Brunetti, chief economist at the Swiss State Secretariat for Economic Affairs said that the franc’s strength represented a danger for the Swiss economy and was partly responsible for Switzerland’s current low inflation levels.
"On the whole, exports have been less dynamic recently and the business expectations in industrial firms have become slightly less optimistic," Brunetti said.
Meanwhile, the Swissy was down against the euro, with EUR/CHF gaining 0.04% to hit 1.3347.
Later in the day, the Federal Reserve was to release its Beige Book, a summary of the data the bank examines before setting the benchmark interest rate.