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by ForexNewsNow Team on August 10, 2010

After SECO report, Swissy hits 4-day low versus dollar

NEW YORK (Forex News Now) – The Swissy franc fell to a 4-day low against the dollar on Tuesday, after a report showed that Swiss consumer confidence rose as expected in July.

In European morning currency trading, USD/CHF hit 1.0552, its highest since Thursday. The currency pair later retreated slightly to trade at 1.0532, up 0.37 percent on the day.

Switzerland’s State Secretariat for Economic Affairs said earlier that its index of consumer confidence rose to 16 in July, in line with market expectations.

According to forex analysis, USD/CHF is likely to touch immediate support around Friday’s low, 1.0332, and encounter resistance around the high of July 27, 1.064.

FX traders, meanwhile, awaited the conclusion of a key policy-setting meeting by the U.S. Federal Reserve’s Federal Open Market Committee, as concern grows over the jobless recovery in the United States.

Elsewhere, the Swissy fell slightly versus the euro: EUR/CHF traded at 1.388, up 0.04 percent.

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