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Forex News: Swiss Franc Rises Against U.S. Dollar, Euro

Swiss Franc Rises Against U.S. Dollar, Euro

06/10/2024 - 13:11:00 (RTTNews)

(RTTNews) - The Swiss franc climbed against the U.S. dollar and the euro in the New York session on Monday, as investors became cautious ahead of the Federal Reserve's interest rate decision and U.S. inflation data due this week.

The Fed is due to announce its latest monetary policy decision on Wednesday, when the central bank is widely expected to leave interest rates unchanged.

Since the decision is largely seen as a foregone conclusion, traders are likely to pay closer attention to Fed officials' latest projections for the economy and rates.

Consumer and producer inflation data are set to be published this week.

Traders trimmed their expectations for rate cut by the Fed in September after Friday's data, with pricing indicating a probability of under 50 percent.

The franc recovered to 0.8954 against the greenback, from an early 1-week low of 0.8982. The franc is poised to challenge resistance around the 0.87 level.

The franc touched 0.9625 against the euro, its highest level since April 19. Next key resistance for the currency is seen around the 0.95 level.

Meanwhile, the franc eased against the yen and was trading at 175.04. The currency is likely to face support around the 140.00 region, if it falls again.

The franc retreated to 1.1422 against the pound. This may be compared to a previous 4-day low of 1.1430. The currency is seen finding support around the 1.17 level.

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