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by ForexNewsNow Team on August 13, 2010

USD/CHF pares gains ahead of U.S. consumer sentiment data

NEW YORK (Forex News Now) – The dollar pared gains versus the Swiss franc on Friday, as FX traders awaited a key report on U.S. consumer sentiment by the University of Michigan.

In European afternoon currency trading, USD/CHF struck 1.0522, up 0.21 percent on the day, after retreating from the daily high of 1.0548.

The Swissy’s earlier losses came after official data showed that producer prices fell unexpectedly in July.

According to forex analysis, USD/CHF was likely to touch immediate support around Thursday’s low, 1.0465, and encounter resistance around Wednesday’s high, 1.0625.

FX traders, meanwhile, also awaited data from the Census Bureau on U.S. business inventories, due to be released later Friday.

Elsewhere, the Swiss franc fell versus the euro: EUR/CHF traded at 1.3494, up 0.19 percent.

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