Investing.com – The broadly stronger U.S. dollar advanced against the Swiss franc on Monday, as the euro’s recent rally ebbed amid profit taking and as data painted a mixed picture of the recovery in the euro zone.
USD/CHF hit 0.9624 during European morning trade, the daily high; the pair subsequently consolidated at 0.9593, gaining 0.11%.
The pair was likely to find support at 0.9526, last Thursday’s low and a two-week low and resistance at 0.9686, Friday’s high.
Preliminary data showed that the Markit purchasing manager services index for the single currency zone rose to 55.2 from 54.2 in December, comfortably beating expectations for an increase to 54.3.
But Markit said that its preliminary manufacturing PMI unexpectedly fell to a two month low of 56.9 in January, from 57.1 the previous month, defying expectations for an unchanged reading.
Political turmoil in Ireland also hit sentiment after Irish Prime Minister Brian Cowen said on Saturday that he would step down as the leader of the Fianna Fail party.
Meanwhile, the Swissy was up against the euro, with EUR/CHF shedding 0.29% to hit 1.3013.
Also Monday, official data showed that euro zone industrial new orders rose less-than-expected in November.
USD/CHF hit 0.9624 during European morning trade, the daily high; the pair subsequently consolidated at 0.9593, gaining 0.11%.
The pair was likely to find support at 0.9526, last Thursday’s low and a two-week low and resistance at 0.9686, Friday’s high.
Preliminary data showed that the Markit purchasing manager services index for the single currency zone rose to 55.2 from 54.2 in December, comfortably beating expectations for an increase to 54.3.
But Markit said that its preliminary manufacturing PMI unexpectedly fell to a two month low of 56.9 in January, from 57.1 the previous month, defying expectations for an unchanged reading.
Political turmoil in Ireland also hit sentiment after Irish Prime Minister Brian Cowen said on Saturday that he would step down as the leader of the Fianna Fail party.
Meanwhile, the Swissy was up against the euro, with EUR/CHF shedding 0.29% to hit 1.3013.
Also Monday, official data showed that euro zone industrial new orders rose less-than-expected in November.