Swiss Franc Tumbles Against Majors
Wednesday in Asian trading, the Swiss franc plummeted against other major currencies. The franc slumped to near a 7-week low against the pound, 5-week low against the yen, 1-week low against the euro and a 2-day low against the dollar.
The Swiss franc fell against the euro during Asian deals on Wednesday. The franc is currently trading at a 1-week low of 1.3778 per euro with 1.382 seen as the next downside target level. At yesterday’s close, the euro-franc pair was quoted at 1.3751.
During Asian deals on Wednesday, the Swiss franc dropped against the US dollar. At present, the franc is trading at a 2-day low of 1.0434 against the dollar, compared to 1.0394 hit late New York Tuesday. If the franc weakens further, it may likely target the 1.048 level.
The Swiss franc declined against the Japanese yen in Asian deals on Wednesday. The franc-yen pair that closed yesterday’s trading at 82.61 is currently trading near a 5-week low of 81.90. The next downside target level for the Swiss franc is seen at 81.0.
In Asian session on Wednesday, the Swiss franc plunged against the British pound. The franc is presently trading at near a 7-week low of 1.6620 against the pound. On the downside, 1.692 is seen as the next target level for the Swiss currency. The pound-franc pair was worth 1.6585 at yesterday’s close.
The Euro-zone retail sales for June and the final services PMI report from the major European economies for July are expected to influence trading in the upcoming hours
The U.S. ADP employment report and the ISM non-manufacturing index – both for July have been slated for release in the North American session.
