Forex - USD/CHF higher on Bernanke, eyes on U.S. data

The U.S. dollar was higher against the Swiss franc on Thursday, ahead of U.S. data later in the day as investors digested Federal Reserve Chairman Ben Bernanke's highly anticipated comments on Wednesday. 

USD/CHF hit 0.9452 during European morning trade, the pair's highest since July 16; the pair subsequently consolidated at 0.9426, adding 0.18%. 

The pair was likely to find support at 0.9358, Wednesday's low and resistance at 0.9494, the high of July 16. 

In his semi-annual testimony before the Financial Services Committee in Congress Bernanke said the central bank expects to start tapering bond purchases by the end of the year, but added that there was no “preset course.”

Bernanke said the bank’s bond purchase program could be tapered at a faster pace, slower pace or even temporarily increased depending on economic and financial developments.

Bernanke said the economic recovery was continuing at a moderate pace but reiterated that monetary policy will remain accommodative for the foreseeable future. 

The Swissie was fractionally lower against the euro with EUR/CHFedging up 0.09%, to hit 1.2362. 

Later in the day, the U.S. was to release the weekly government report on initial jobless claims and data on the Philly Fed manufacturing index.