On Tuesday US dollar was lower versus the Swiss franc, as markets were focused on FEDs decision whether reduction of scale of easing was due in the coming months.
USD/CHF pair hit 0.9264 during European trade, currently the session low, after which consolidation followed at 0.9285. Support was likely at 0.9226, June 6th low, while resistance was to be met at 0.9351, the current session high.
The pair was influenced by speculations that the US central bank will begin to taper its bond purchases, following last week’s upbeat US employment data and after ratings agency Standard & Poor’s revised its long-term outlook on the US credit rating from negative to stable on Monday.
Meanwhile, on Tuesday Switzerland’s State Secretariat for Economics revised its forecast, regarding 2013 growth, to 1.4% from 1.3% previously. However, it was stressed that Euro zone debt crisis still remained a major threat to Swiss economy.
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