US dollar registered a gradual increase against the Swiss franc during European morning session in a trade, defined by light volumes, as there are no US indicators expected to be released today.
USD/CHF pair rose to a session high at 0.9293 at 7:27 GMT, after which consolidation followed at 0.9281. Support was expected at current session low, 0.9241, while resistance was to be met at June 20th high, 0.9363.
The greenback remained resilient against most of its peers on Friday, as a result of prospects of FED decelerating its Quantitative Easing by the end of 2013 and completely terminating the program in the middle of the next year.
Meanwhile, on Thursday the Swiss National Bank expressed its determination to maintain the minimum exchange rate floor for EUR/CHF cross at 1.20, saying such measure is “important in order to avoid an undesirable tightening of monetary conditions.” The SNB also left its benchmark interest rate unchanged at zero, meeting expectations.
In addition, it became clear that Swiss Trade Balance recorded a smaller surplus in May at the amount of 2.22 billion CHF, compared to preliminary estimates of a 2.40-billion CHF surplus. Preceding period result was revised down to 1.70 billion CHF from 1.73 billion previously. Swiss watches export suffered a 3.9% decline on annual basis, as a result of diminished Chinese demand. Data stated that export amounted at 1.84 billion CHF during May this year, down from 1.91 billion CHF during May 2012. Export of Swiss watches climbed to record levels in 2012, gaining 10.9% to reach 24.1 billion CHF.
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