US dollar climbed to 3.5-week high versus the Swiss franc on Thursday, as the greenback still remained supported with FEDs Quantitative Easing speculation in focus and ahead of series of economic indicators, scheduled to be released later today by the United States.
USD/CHF hit a session high and highest value since June 5th at 0.9465 at 10:24 GMT, after which consolidation followed at 0.9450. Support was expected at June 26th low, 0.9373, while resistance was to be encountered at June 5th high, 0.9494.
The greenbacks demand was maintained by speculations of Federal Reserve Bank scaling back its stimulus program by the end of 2013, despite disappointing GDP data from the US. On Wednesday the Commerce Department of the United States announced that US economy managed to expand by 1.8% during the first quarter of the year on annual basis, below the expected 2.4% increase, as business investments and consumer expenditures were significantly revised down, because of concerns US economy probably slowed down during the recent months.
The franc retreated against the euro, as EUR/CHF cross increased by 0.29% to 1.2306.
Later in the day crucial series of economic data will be released by the United States, regarding jobless claims, core personal consumption expenditures, pending home sales, personal income and personal spending. Possible improvement in these indicators may raise the appeal of US dollar.
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