Forexpros – The U.S. dollar slipped against the Swiss franc on Tuesday, while a report earlier showed that Swiss exports declined more-than-expected in July as the franc’s appreciation hit competitiveness.
USD/CHF hit 0.7854 during European morning trade, the daily low; the pair subsequently consolidated at 0.7873, shedding 0.36%.
The pair was likely to find support at 0.7768, the low of August 16 and resistance at 0.7958, the high of the same day.
Earlier in the day, Switzerland’s Federal Customs Office said exports declined 3% from June, when they gained by a revised 3.8%. Exports had been expected to decline to 2.5%.
The report said imports rose by 0.1% after increasing a revised 1.0% in June and the trade balance widened to CHF2.83 billion from CHF1.77 billion.
Meanwhile, the Swissie was down against the euro, with EUR/CHF climbing 0.48% to hit 1.1401.
The euro strengthened earlier after data showed that Germany’s manufacturing purchasing managers’ index remained unchanged at 52.0 in August, beating forecasts for a decline to 50.8.
A separate report showed that German economic sentiment fell sharply in August, as fears over the outlook for global growth weighed.
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