US dollar edged higher against the Swiss franc on Wednesday ahead of US Gross Domestic Product data, as fears of near-term stimulus reduction by FED supported the greenback.
USD/CHF hit a session high at 0.9407 at 9:46 GMT, as the pair added 0.25% for the day. Support was expected at June 25th low, 0.9320, while resistance was to be encountered at June 5th low, 0.9494.
The greenback was bolstered after on Tuesday a report said, that Durable Goods Orders in the United States rose by 3.6% in May, exceeding forecasts of a 3.0% increase rate.
A separate report showed, that S&P/Case-Shiller Composite-20 Home Price Index in US registered a 12.05% jump in April on annual basis, above expectations of a 10.60% increase.
Additionally, New Home Sales in the United States registered their highest level in May for the past five years, climbing by 2.1% in May to reach the annual 0.476 million units.
Last but not least, it became clear that US Consumer Confidence increased to the highest level since January 2008 in June, reaching the reading of 81.4, far above expectations of a value at 75.0.
Fed Chairman Ben Bernanke said on June 19th, that the central bank could begin tapering bond purchases by the end of 2013, in case US economic indicators continued to show improvement.
On Wednesday data showed, that UBS (Union Bank of Switzerland) Consumption Indicator reached a reading of 1.46 in May, affirming the results during the preceding period. This indicator comes out three months earlier than official statistics and encompasses private consumption in Switzerland, which contributes to almost 58% of the countrys GDP.
Meanwhile, Swiss franc was higher against the euro, as EUR/CHF pair dropped by 0.10% to hit 1.2260.
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