US dollar edged higher versus the Swiss franc on Monday, with market participants positioning their focus on the anticipated Federal Reserve Banks monetary policy meeting on Wednesday.
USD/CHF pair hit 0.9251 during early European trade, currently the session high, after which consolidation followed at 0.9230. The cross was up by 0.24% for the day. Support was expected at June 13th low, 0.9130, while resistance was likely to be met at June 12th high, 0.9286.
The US dollar gained positions after its week of decline amid growing expectations that FED will begin tapering its bond purchases later this year. Investors were focusing on the central bank’s rate statement on Wednesday, as uncertainty grew over what the next move by FED will be.
The franc lowered against the euro, as EUR/CHF rose by 0.24% to 1.2317.
Additionally, earlier today it was reported that Euro zones Trade Balance recorded a smaller surplus in April than projected, 14.9 billion EUR, compared to 17.0 billion EUR. Revised data during the preceding period showed a 22.5 billion EUR surplus. Seasonally adjusted Trade Balance showed also a contraction in surplus during April, compared to preliminary estimates, 16.1 billion EUR against 21.2 billion EUR.
Ultimately, on Monday the G8 group was expected to hold the first day of a two-day summit in Northern Ireland.
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