Forex Pros – The U.S. dollar pushed higher against the Swiss franc on Tuesday, after a flurry of upbeat Chinese economic data boosted market sentiment and dampened demand for safe haven assets.
USD/CHF hit 0.8404 during European morning trade, the daily high; the pair subsequently consolidated at 0.8390, gaining 0.23%.
The pair was likely to find support at 0.8325, the low of June 7 and the pair’s all-time low and short-term resistance at 0.8467, Monday’s high and an eight-day high.
Earlier in the day, Chinese government data showed that consumer price inflation rose at an annualized rate of 5.5% in May, broadly in line with expectations.
Separate reports showed that producer price inflation rose slightly more-than-expected, while retail sales and industrial production data all showed robust growth. The data eased concerns over a slowdown in the world’s second largest economy.
The Swissie was also lower against the euro, with EUR/CHF rising 0.47% to hit 1.2120.
Later Tuesday, the U.S. was to publish official data on retail sales and producer price inflation.
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