Investing.com - The U.S. dollar edged up to one-month highs against the Swiss franc on Tuesday, after the release of strong Swiss economic growth data, as growing expectations for the Federal Reserve to soon begin scaling back its stimulus program supported the greenback.
USD/CHF hit 0.9376 during European morning trade, the pair's highest since August 15; the pair subsequently consolidated at 0.9352, adding 0.08%.
The pair was likely to find support at 0.9289, the low of August 30 and resistance at 0.9396, the high of August 15.
Official data showed that Switzerland's gross domestic product expanded by 0.5% in the second quarter, beating expectations for a 0.3% rise, after a 0.6% expansion in the three months to March.
Year-on-year, second quarter Swiss GDP rose 2.5%, beating expectations for a 1.7% increase, after an upwardly revised 1.2% rise in the first quarter.
But demand for the dollar remained supported by expectations that the Federal Reserve will start to unwind its stimulus program at its upcoming policy meeting on September 18.
Investors were looking ahead to Friday’s U.S. nonfarm payrolls report which is seen as central to the Fed’s decision on tapering.
The Swissie was steady against the euro with EUR/CHF dipping 0.02%, to hit 1.2325.
Later in the day, the Institute of Supply Management was to release data on manufacturing activity.
USD/CHF hit 0.9376 during European morning trade, the pair's highest since August 15; the pair subsequently consolidated at 0.9352, adding 0.08%.
The pair was likely to find support at 0.9289, the low of August 30 and resistance at 0.9396, the high of August 15.
Official data showed that Switzerland's gross domestic product expanded by 0.5% in the second quarter, beating expectations for a 0.3% rise, after a 0.6% expansion in the three months to March.
Year-on-year, second quarter Swiss GDP rose 2.5%, beating expectations for a 1.7% increase, after an upwardly revised 1.2% rise in the first quarter.
But demand for the dollar remained supported by expectations that the Federal Reserve will start to unwind its stimulus program at its upcoming policy meeting on September 18.
Investors were looking ahead to Friday’s U.S. nonfarm payrolls report which is seen as central to the Fed’s decision on tapering.
The Swissie was steady against the euro with EUR/CHF dipping 0.02%, to hit 1.2325.
Later in the day, the Institute of Supply Management was to release data on manufacturing activity.