The US dollar traded lower against the Swiss franc on Wednesday, as market participants awaited the release of FED minutes, scheduled later in the day.
USD/CHF fell to a session low at 0.9674 at 8:13 GMT, after which consolidation followed at 0.9695, down by 0.35% for the day. Support was likely to be received at July 8th low, 0.9626, while resistance was to be encountered at July 9th high, 0.9752.
Investors were expecting the release of the minutes of the Federal Reserve Banks June meeting on monetary policy and the closely watched statement by FED Chairman Ben Bernanke later in the trading Wednesday.
Meanwhile, speculations appeared over a possible further easing measures by the Chinese central bank, after an official report said earlier, that Chinese export declined by 3.1% in June on annual basis, against experts’ projections of a 3.7% increase, and bolstering concerns over diminishing demand for raw materials on global scale. In May the export figure rose by 1%. Chinese annual import figure decreased by 0.7% in June, implying a slow down in domestic demand as well.
Elsewhere, the franc was almost unchanged against the euro, with EUR/CHF cross dipping by a mere 0.02% to 1.2433 at 11:51 GMT. Last but not least, GBP/CHF pair was trading lower at 11:53 GMT, at 1.4451, down by 0.10% for the day.
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