Forex News: Swiss Franc Weakens Amid Risk Appetite

Swiss Franc Weakens Amid Risk Appetite

(RTTNews) - The Swiss franc declined against its major counterparts in the New York session on Wednesday, following progress in trade talks between the U.S. and the European Union.

The Financial Times reported that both sides are nearing an agreement that proposes 15 percent tariffs on imports from the EU.

Risk sentiment improved after the U.S. and Japan reached a trade deal that reduced tariffs to 15 percent.

Japan agreed to invest $550 billion in the U.S.

The franc fell to 0.7949 against the greenback and 184.14 against the yen, from an early nearly 3-week high of 0.7911 and a 2-day high of 185.44, respectively. The currency is seen finding support around 0.88 against the greenback and 174.00 against the yen.

The franc dropped to a 5-day low of 1.0781 against the pound and a fresh 2-week low of 0.9343 against the euro, from an early high of 1.0717 and an 8-day high of 0.9293, respectively. The currency may challenge support around 1.11 against the pound and 0.95 against the euro.

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