Forex Pros – The broadly weaker U.S. dollar was trading close to an all-time low against the Swiss franc on Wednesday, as a risk rally boosted higher yielding currencies and saw the greenback come under heavy selling pressure.
USD/CHF hit 0.8912 during European afternoon trade, the pair’s lowest since Monday; the pair subsequently consolidated at 0.8913, tumbling 0.93%.
The pair was likely to find short-term support at 0.8895, last Thursday’s low and the pair’s record low and resistance at 0.9074, the high of April 12.
Upbeat earnings from companies including chip maker Intel lifted stocks and boosted appetite for riskier assets while concerns over Standard & Poor’s warning on U.S. credit ratings on Monday and fears that Greece will have to restructure its debt eased.
The greenback remained under pressure amid expectations that the Federal Reserve will trail other world central banks in raising interest rates, due to the uneven nature of the U.S. economic recovery.
The dollar was also down against the euro, with EUR/USD jumping 1.33% to hit 1.4524, a fresh 15-month high.
Later Wednesday, the U.S. was to publish industry data on existing home sales.
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