US dollar traded steadily against the Swiss franc on Wednesday, as sentiment improved on the upbeat Chinese data and as concerns over Syrian conflict subsided.
USD/CHF hit a session low at 0.9334 at 9:15 GMT, after which consolidation followed at 0.9341, losing 0.08% on a daily basis. Support was likely to be found at August 30th low, 0.9289, while resistance was to be met at September 9th high, 0.9392.
A series of upbeat indicators out of China earlier in the week eased concerns over a possible slow down of the worlds second largest economy, as these indicators (industrial production, retail sales, export and consumer price inflation) outperformed expectations. Thus, appetite for riskier assets was strengthened and demand for safe haven currencies such as the yen and the franc was diminished.
Meanwhile, yesterday in a broadcast from the White House US President Barack Obama said that he would prefer a peaceful solution to the Syrian conflict and that there were “encouraging signs” of diplomacy, which would put an end to the confrontation over Assad regime’s alleged use of chemical weapons. Barack Obama also added that he has asked the Congress to put on hold the vote on a military intervention.
Elsewhere, the franc was slightly higher against the euro, as EUR/CHF cross dipped 0.06% to trade at 1.2397 at 11:28 GMT. GBP/CHF pair was advancing 0.29% on a daily basis to trade at 1.4752 at 11:32 GMT.
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