Investing.com - The U.S. dollar edged up higher against the Swiss franc on Thursday, pulling back from two year lows after the Swiss National Bank left rates on hold at its final policy meeting of 2013.
USD/CHF rose to highs of 0.8848 during European morning trade, up from lows of 0.8839 on Wednesday, the weakest level since November 2011, and was last up 0.16% to 0.8877.
The pair was likely to find support at 0.8839 and resistance at 0.8907, Tuesday’s high.
The SNB said it was maintaining the minimum exchange rate on the franc at 1.20 per euro and its benchmark interest rate unchanged at zero, as widely expected. The Swiss franc is “still high” the bank said.
The SNB kept its forecast for economic growth unchanged, saying it expects growth of between of between 1.5% and 2% in 2013. For 2014, the SNB sees growth of around 2%.
“Given the vulnerable economic situation abroad, downside risks still prevail for Switzerland,” said SNB Chairman Thomas Jordan.
The euro rose to session highs against the Swiss franc, with EUR/CHF rising 0.18% to 1.2242, up from session lows of 1.2215.
USD/CHF rose to highs of 0.8848 during European morning trade, up from lows of 0.8839 on Wednesday, the weakest level since November 2011, and was last up 0.16% to 0.8877.
The pair was likely to find support at 0.8839 and resistance at 0.8907, Tuesday’s high.
The SNB said it was maintaining the minimum exchange rate on the franc at 1.20 per euro and its benchmark interest rate unchanged at zero, as widely expected. The Swiss franc is “still high” the bank said.
The SNB kept its forecast for economic growth unchanged, saying it expects growth of between of between 1.5% and 2% in 2013. For 2014, the SNB sees growth of around 2%.
“Given the vulnerable economic situation abroad, downside risks still prevail for Switzerland,” said SNB Chairman Thomas Jordan.
The euro rose to session highs against the Swiss franc, with EUR/CHF rising 0.18% to 1.2242, up from session lows of 1.2215.