The Swiss franc weakened against its major rivals in European morning deals on Thursday, as European stocks rose amid corporate earning results and M&A activities, sapping demand for the safe-haven assets.

Investors welcomed the Fed statement as it gave no hints that a September rate hike is coming. The Fed struck a positive tone about the world's largest economy, while sending no clear signal on when a long-awaited rate rise might come.

The focus now shifts to the two monthly jobs reports scheduled to be released before the next Fed meeting in September, with the monthly employment report for July slated for release on August 7.

In economic front, survey results from the KOF Swiss Economic Institute showed that a measure of future economic activity in the swiss economy improved more-than-expected in June to reach its highest level in almost one year.

The KOF Economic Barometer increased by 10 points to 99.8 in July from 89.8 in June, which was revised up from 89.7. Economists had expected the index to rise to 90.4.

The currency has been falling against its major rivals, except the euro, in the Asian session.

In European deals, the Swiss franc fell to nearly a 5-month low of 1.5150 against the pound and more than a 3-month low of 0.9711 against the greenback, from early highs of 1.5080 and 0.9667, respectively. The franc ended yesterday's trading at 1.5092 versus the pound and 0.9667 against the greenback. The franc is seen finding support around 1.55 against the pound and 0.98 against the greenback.

The franc pared gains to 127.96 against the yen, from an early high of 128.19. The franc is heading to violate an early near 3-week low of 127.80. Continuation of the franc's downtrend may see it finding support around the 126.00 mark.

The Swiss currency edged down to 1.0636 against the euro, after having advanced to 1.0612 at 2:30 am ET. The next possible downside target for the franc may be located around the 1.075 level.

Looking ahead, German unemployment rate and Eurozone economic confidence index, all for July, are due to be released shortly.

In the New York session, preliminary German CPI for July, advance second quarter U.S. GDP data and U.S. jobless claims for the week ended July 25, are slated for release.

US Dollar vs CHF (FX:USDCHF)
Forex Chart
From Mar 2024 to Apr 2024 Click Here for more US Dollar vs CHF Charts.
US Dollar vs CHF (FX:USDCHF)
Forex Chart
From Apr 2023 to Apr 2024 Click Here for more US Dollar vs CHF Charts.