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Forex - USD/CHF rises to trade near 1-year highs

Published 09/15/2014, 05:22 AM
Updated 09/15/2014, 05:22 AM
Dollar re-approaches 1-year peak vs. Swissie

Dollar re-approaches 1-year peak vs. Swissie

Investing.com - The U.S. dollar rose against the Swiss franc on Monday, to trade close to one-year highs as demand for the greenback remained broadly supported ahead of the Federal Reserve's upcoming policy meeting.

USD/CHF hit 0.9366 during European late morning trade, the session high; the pair subsequently consolidated at 0.9361, rising 0.31%.

The pair was likely to find support at 0.9377, Friday's low and resistance at 0.9455.

Demand for the dollar continued to be underpinned by expectations for an early hike in U.S. interest rates.

The Fed was expected to cut its asset purchase program by another $10 billion at its upcoming policy meeting on Wednesday, which would keep it on track for winding up the program in October, and to start raising interest rates sometime in mid-2015.

In Switzerland, official data earlier showed that producer price inflation fell 0.2% in August, confounding expectations for a 0.2% rise, after a flat reading in July.

Year-on-year, Switzerland's PPI declined 1.2% last month, compared to expectations for a 1.0% drop, after a 0.8% slip in July.

The Swissie was steady against the euro, with EUR/CHF inching up 0.02% to 1.2101.

Later in the day, the U.S. was to release reports on manufacturing activity in the Empire State and industrial production.

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