Forexpros – The U.S. dollar edged higher against the Swiss franc in quiet trade on Wednesday, as sustained hopes for action by world central banks to spur economic growth underpinned market sentiment.
USD/CHF hit 0.9762 during European morning trade, the session high; the pair subsequently consolidated at 0.9760, inching up 0.12%.
The pair was likely to find support at 0.9696, Tuesday’s low and resistance at 0.9793, Monday’s high.
The greenback found support after data on Tuesday showed that U.S. retail sales snapped four successive months of declines in July, jumping 0.8%, surpassing expectations for a 0.3% increase and dampening expectations for another round of quantitative easing by the Federal Reserve.
Meanwhile, data earlier in the week showing that economic growth in Japan and the euro zone contracted in the second quarter kept alive hopes that world central banks will implement more easing measures to spur the global economic recovery.
The Swissie was almost unchanged against the euro, with EUR/CHF inching up 0.01% to 1.2012.
Later Wednesday, the U.S. was to release official data on consumer price inflation and industrial production, as well as a report on manufacturing activity in the New York area.
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