Investing.com – The U.S. dollar edged higher against the Swiss franc on Monday, after world financial leaders attending the International Monetary Fund Conference over the weekend failed to come up with any new currency coordination agreement.
USD/CHF hit 0.9648 during European afternoon trade, a daily high; the pair subsequently consolidated at 0.9622, gaining 0.19%.
The pair was likely to find short-term support at 0.9554, last Thursday’s low and the all time low and resistance at 0.9789, the high of October 4.
The weekend’s meetings of IMF members and the World Bank focused on the need for a cooperative approach to address uneven global economic growth and simmering tensions among countries vying to keep their currencies weak in order to boost export growth.
On Friday, Swiss National Bank chairman Philipp Hildebrand said that policy makers had to strike a difficult balance between keeping the economy going in the near term and laying the foundation for longer-term growth.
"The global recovery is ongoing but remains fragile. It is not yet self-sustained," he said.
Meanwhile, the Swissy was up against the euro, with EUR/CHF shedding 0.10% to hit 1.3407.
At the conclusion of the meetings, the IMF’s governing body pledged to "work towards a more balanced pattern of global growth, recognising the responsibilities of deficit and surplus countries,” although it stopped short of any move to limit currency movements.
USD/CHF hit 0.9648 during European afternoon trade, a daily high; the pair subsequently consolidated at 0.9622, gaining 0.19%.
The pair was likely to find short-term support at 0.9554, last Thursday’s low and the all time low and resistance at 0.9789, the high of October 4.
The weekend’s meetings of IMF members and the World Bank focused on the need for a cooperative approach to address uneven global economic growth and simmering tensions among countries vying to keep their currencies weak in order to boost export growth.
On Friday, Swiss National Bank chairman Philipp Hildebrand said that policy makers had to strike a difficult balance between keeping the economy going in the near term and laying the foundation for longer-term growth.
"The global recovery is ongoing but remains fragile. It is not yet self-sustained," he said.
Meanwhile, the Swissy was up against the euro, with EUR/CHF shedding 0.10% to hit 1.3407.
At the conclusion of the meetings, the IMF’s governing body pledged to "work towards a more balanced pattern of global growth, recognising the responsibilities of deficit and surplus countries,” although it stopped short of any move to limit currency movements.