COZforex: The US dollar rise against the Swiss franc on Wednesday, as downbeat Swiss data weighed on demand for the franc, while Federal Reserve Chairwoman Janet Yellen's comments on Tuesday continued to support the greenback.

USD/CHF hit 0.8983 amid European early afternoon trade, the pair's highest since June 18; the pair subsequently consolidated at 0.8983, gaining 0.29%. COZFX strategist Nigel Boynton said, USD/CHF is predicted to find support at 0.8927, and a decline through could take it to the next support line of 0.8893. Meanwhile, the pair is predicted to find its first resistance at 0.898, and a rise through could take it to the next resistance line of 0.8999.

In a report, the ZEW Institute said its index for economic expectations in Switzerland dropped to a 1.5 year low of 0.1 in June, from a reading of 4.8 the previous month. Analysts had expected the index to rise to 5.0 last month.

Meanwhile, the greenback remained supported after Ms. Yellen on Tuesday said interest rates could rise sooner if the labor market was to improve more quickly than expected. However, the Fed chair also said that if the economic recovery disappoints monetary policy would remain accommodative.

The remarks came during testimony to the Senate Banking Committee in Washington.
Ms. Yellen said the economy is continuing to improve but added that the recovery is not yet complete and reiterated that rates are likely to remain on hold for a considerable period after the bank’s quantitative easing program ends.

(COZ forex UK)