USD/CHF advanced ahead of US GDP, focus put on Syria

US dollar was trading on higher levels against the Swiss franc on Thursday, as markets awaited the series of economic data out of the United States, while concerns over a possible military intervention by the US and its allies against Syria were still giving strength to safe haven assets, such as the greenback.

USD/CHF climbed to a session high at 0.9292 at 10:10 GMT, the pairs highest point since August 21st. Support was expected at August 26th low, 0.9209, while resistance was to be encountered at August 13th high, 0.9348.

Fears over situation with Syria were additionally boosted yesterday, as it became clear than a potential military conflict could spread on more fronts. Dow Jones Newswires reported, citing Iranian medias, that if the United States were to attack Syria, then Iran would consider a strike upon Israel. Syrian ambassador in the United Nations stressed on his countrys right to self-defense, when asked whether Syrian forces would attack Israel, in case the United States and its allies consider an offensive against his country.

Also on Wednesday, President Barack Obama said that the US has reached a conclusion, pointing the Syrian government carried out a chemical attack near the city of Damascus, but added that he had not yet made a decision whether to consider a military intervention.

At the same time, British Prime Minister David Cameron drafted a United Nations resolution, condemning this alleged act by Syria and “authorizing necessary measures to protect civilians” on Tuesday.

Meanwhile, back to the economic world, earlier today it was reported that the number of employed people in Switzerland increased to 4.166 million during the second quarter of the year, slightly below the expected number of 4.170 million, while in Q1 the number of employed showed 4.152 million. Employment in the country rose by 1.7% during Q2 2013 compared to Q2 2012, while during the preceding quarter the indicator increased by 2.0%.

Later in the day the United States was to release the revised value of its Gross Domestic Product, alonsgside data on personal consumption expenditures and the weekly report on initial jobless claims.

Elsewhere, the Swiss franc was slightly lower against the euro, as EUR/CHF cross added 0.09% for the day to trade at 1.2313 at 10:45 GMT. GBP/CHF pair was gaining more, up by 0.56% on a daily basis to trade at 1.4401 at 10:45 GMT.