Investing.com - The U.S. dollar was ticking up and down between small gains and losses against the Swiss franc on Wednesday, amid cautious trade ahead of a European Union summit which few expected to deliver concrete steps to deal with the region’s debt crisis.
USD/CHF hit 0.9624 during European morning trade, the session high; the pair subsequently consolidated at 0.9609, dipping 0.02%.
The pair was likely to find support at 0.9562, the low of June 25 and resistance at 0.9651, Tuesday’s high and a two-week high.
Hopes that European leaders would make progress on dealing with the debt crisis in the euro area faded after German Chancellor Angel Merkel reiterated her opposition to the idea of joint euro zone bonds on Tuesday.
Investors were looking ahead to the outcome of talks between Chancellor Merkel and French President François Hollande later, ahead of the EU summit meeting on Thursday and Friday.
Earlier Wednesday, Italy saw borrowing costs climb to the highest level since December at an auction of six-month government bonds, as investor sentiment towards Italy continued to deteriorate.
Italy’s Treasury sold the full targeted amount of EUR9 billion of six-month government bonds at an average yield of 2.95%, up from 2.10% at a similar auction last month.
The Swissie was almost unchanged against the euro, with EUR/CHF dipping 0.01% to trade at 1.2009.
Later in the day, the U.S. was to publish official data on durable goods orders, as well as industry data on pending home sales.
USD/CHF hit 0.9624 during European morning trade, the session high; the pair subsequently consolidated at 0.9609, dipping 0.02%.
The pair was likely to find support at 0.9562, the low of June 25 and resistance at 0.9651, Tuesday’s high and a two-week high.
Hopes that European leaders would make progress on dealing with the debt crisis in the euro area faded after German Chancellor Angel Merkel reiterated her opposition to the idea of joint euro zone bonds on Tuesday.
Investors were looking ahead to the outcome of talks between Chancellor Merkel and French President François Hollande later, ahead of the EU summit meeting on Thursday and Friday.
Earlier Wednesday, Italy saw borrowing costs climb to the highest level since December at an auction of six-month government bonds, as investor sentiment towards Italy continued to deteriorate.
Italy’s Treasury sold the full targeted amount of EUR9 billion of six-month government bonds at an average yield of 2.95%, up from 2.10% at a similar auction last month.
The Swissie was almost unchanged against the euro, with EUR/CHF dipping 0.01% to trade at 1.2009.
Later in the day, the U.S. was to publish official data on durable goods orders, as well as industry data on pending home sales.