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by ForexNewsNow Team on October 12th, 2010

USD/CHF rebounds as FOMC meeting minutes awaited

Intraday analysis - Fed chief Ben BernankeNEW YORK (Forex News Now) – The dollar extended its rebound against the Swiss franc on Tuesday, as FX traders awaited the release of minutes from the Federal Reserve’s latest policy-setting meeting.

In early European currency market trading, USD/CHF hit 0.9672, up 0.24 percent on the day, rising further from last week’s all-time low of 0.9555.

Later Tuesday, the Federal Reserve was to release minutes from its Federal Open Market Committee’s meeting on Sept. 21, amid mounting U.S. monetary policy easing may begin as soon as November.

According to intraday analysis, USD/CHF was likely to touch support around 0.9555 and encounter immediate resistance around the high of Oct. 1, 0.9843.

Also Tuesday, FX traders eyed the latest Federal budget statement, as well as data on U.S. import prices in September.

Elsewhere, the Swissy rose versus the euro: EUR/CHF traded at 1.3363, down 0.21 percent, according to intraday analysis.

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