Investing.com – The Swiss franc rose to a new 6-week high against the U.S. dollar on Tuesday, reportedly amid speculation that Switzerland's central bank was relaxing resistance to the Swissy's gains as the economic recovery gained pace.
USD/CHF hit 1.0571 during European afternoon trade, its lowest rate since Feb. 3; the pair subsequently hovered around 1.0579, shedding 0.36%.
The pair was likely to find support at 1.0368, the low of Jan. 25, and resistance at 1.0898, the high of Feb. 19.
The Swissy also rose against the yen, with CHF/JPY gaining 0.32% to reach 85.52.
Earlier Tuesday, Bloomberg quoted an analyst as saying he believed the Swiss National Bank was curbing its intervention as the government raised its forecast for 2010 growth amid improved consumer spending.
Meanwhile, U.S. Census Bureau data showed on Tuesday that there was a smaller-than-expected decline in the number of building permits issued and housing starts in the United States during February.
USD/CHF hit 1.0571 during European afternoon trade, its lowest rate since Feb. 3; the pair subsequently hovered around 1.0579, shedding 0.36%.
The pair was likely to find support at 1.0368, the low of Jan. 25, and resistance at 1.0898, the high of Feb. 19.
The Swissy also rose against the yen, with CHF/JPY gaining 0.32% to reach 85.52.
Earlier Tuesday, Bloomberg quoted an analyst as saying he believed the Swiss National Bank was curbing its intervention as the government raised its forecast for 2010 growth amid improved consumer spending.
Meanwhile, U.S. Census Bureau data showed on Tuesday that there was a smaller-than-expected decline in the number of building permits issued and housing starts in the United States during February.