Forex - USD/CHF edges up to 3-1/2 week highs

The U.S. dollar edged up to three-and-a-half week highs against the Swiss franc on Thursday, as speculation over a possible near-term end to the Federal Reserve's stimulus program continued to support demand for the greenback. 

USD/CHF hit 0.9452 during European morning trade, the pair's highest since June 5; the pair subsequently consolidated at 0.9442, adding 0.12%. 

The pair was likely to find support at 0.9373, Wednesday's low and resistance at 0.9494, the high of June 5. 

Demand for the dollar remained supported by expectations that the Fed will start to unwind its asset purchase program later this year, despite a downward revision to U.S. first quarter growth on Wednesday.

The Commerce Department said U.S. gross domestic product expanded at an annual rate of 1.8% in the three months to March, below an earlier estimate of 2.4% growth. Economists had expected the rate of growth to remain unchanged at 2.4%. 

The Swissie was lower against the euro with EUR/CHF rising 0.29%, to hit 1.2306. 

Sentiment on the single currency remained fragile after European Central Bank President Mario Draghi said Wednesday that monetary policy will remain accommodative for the foreseeable future. 

Later in the day, the U.S. was to release the weekly government report on initial jobless claims and a report on pending home sales.