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Sep 08, 2014 03:01 PM IST | Source:

Forex - USD/CHF edges up near 1-year highs after Swiss data

Forex - USD/CHF edges up near 1-year highs after Swiss data - - The U.S. dollar edged up against the Swiss franc on Monday, to trade near one-year highs after the release of disappointing Swiss retail sales data and as optimism over the U.S. economic outlook continued to support the greenback.

USD/CHF hit 0.9330 during European morning trade, the session high; the pair subsequently consolidated at 0.9318, easing up 0.09%.

The pair was likely to find support at 0.9171, Friday's low and resistance at 0.9335, Friday's high and a one-year high.

Official data earlier showed that Swiss retail sales dropped at an annualized rate of 0.6% in July confounding expectations for an increase of 2.6%. The change in retail sales for June was revised to an annualized increase of 3.3% from a previously estimated 3.4% rise.

A separate report showed that Switzerland's consumer price inflation was flat last month, compared to expectations for a 0.1% downtick, after a 0.4% fall in July.

Meanwhile, the dollar remained supported despite a report on Friday showing that the U.S. economy added jobs at the slowest monthly rate this year in August.

Other economic reports released earlier last week indicated that the U.S. recovery is still on track, fuelling expectations that the Federal Reserve will wind up its asset purchase program in October and start raising interest rates sometime in mid-2015.

The Swissie was steady against the euro, with EUR/CHF inching up 0.01% to 1.2061.

Also Monday, official data showed that Germany's trade surplus widened to €22.2 billion in July, from €16.4 billion in June, whose figure was upwardly revised from a previously estimated surplus of €16.2 billion. Analysts had expected the trade surplus to widen to €16.8 billion in July.
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