The Swiss franc climbed against the other major currencies in European trading in Wednesday, as Switzerland’s economic confidence improved in March.
Survey conducted by the Centre for European Economic Research/ZEW in cooperation with Credit Suisse showed that the ZEW-CS-Indicator for the economic sentiment rose 8.4 points to 2.5 in March. The indicator thus turned positive in March.
The indicator reflects the expectations of the surveyed financial market experts regarding the economic development in Switzerland on a six-month time horizon.
A majority of 71.1 percent of analysts expect economic growth to remain unchanged.
Meanwhile, the European markets are mostly higher, weathering the negativity of terror strikes through optimism concerning stimulus support and a pick up in economic momentum.
The franc was trading mixed in Asian deals. While the franc declined against the greenback and the yen, it held steady against the pound and the euro.
The Swiss franc reversed from an early 2-day low of 1.0924 against the euro, edging higher to 1.0888. The franc may locate resistance around the 1.07 mark.
The franc advanced to 0.9726 against the dollar, following a weekly decline to 0.9765 at 5:00 am ET. On the upside, the franc is likely to find resistance around the 0.96 level.
The franc firmed to 115.81 against the yen, its strongest since March 14. This is up by 0.3 percent from Tuesday’s closing quote of 115.47. The next possible resistance for the franc-yen pair is seen around the 117.00 mark.
The franc edged up to 1.3786 against the pound, off its prior low of 1.3851. The franc is poised to find resistance around the 1.33 area.
Looking ahead, U.S. new home sales for February are due in the New York session.
At 11:00 am ET, Eurozone flash consumer sentiment index for March is set for release.
The material has been provided by InstaForex Company – www.instaforex.com