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USD/CHF little changed in calm trade

Swiss-FrancUS dollar traded with a slight change against the Swiss franc on Monday, as uncertainty over the future of Federal Reserves bond-buying program was still persistent.

USD/CHF fell to a session low at 0.9247 at 10:18 GMT, after which consolidation followed at 0.9263. Support for the pair was likely to be received at August 16th low, 0.9218, while resistance was to be encountered at August 13th high, 0.9348.

Market participants awaited the release of the minutes of Federal Reserve Bank’s July meeting, scheduled on Wednesday, as it may provide clues on when the central bank may begin tapering its stimulus program. Policymakers will probably begin to pare back the central bank’s bond-buying program in September, according to 65% of experts in a survey by Bloomberg. Such expectations were boosted after on August 15th a report said that the weekly initial jobless claims in the United States decreased in number to their lowest in almost six years.

Meanwhile, the franc was lower against the euro, as EUR/CHF cross added 0.11% to trade at 1.2365 at 11:29 GMT. The common currency was supported, after last week it was reported that economy in the Euro zone returned to growth during the second quarter of the year, ending an 18-month recessionary period. GBP/CHF pair was also on positive territory, up by 0.10% to trade at 1.4491 at 11:30 GMT. Earlier today it became clear that prices of houses in the United Kingdom fell for the first time in eight months in August, according to a survey by Rightmove. The average ask price per house decreased by 1.8% on a monthly basis in August to 249 199 GBP, marking the first monthly drop since December 2012. In July house prices advanced 0.3%.

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