Investing.com - The U.S. dollar edged higher against the Swiss franc on Monday, as Friday’s downgrade by Standard & Poor’s of nine euro zone countries, including France, supported demand for safer assets.
USD/CHF hit 0.9562 during European morning trade, the daily high; the pair subsequently consolidated at 0.9537, adding 0.14%.
The pair was likely to find support at 0.9464, the low of January 10 and resistance at 0.9594, the high of January 9.
Sentiment was hit after S&P cut ratings on Italy, Spain, Cyprus and Portugal by two notches and downgraded Malta, Slovakia and Slovenia by one level. Germany kept its triple-A rating.
French Finance Minister Francois Baroin said Friday that the loss of the triple-A rating was "not a catastrophe'' and stressed that France still had a solid AA+ rating.
The ratings agency also said it would decide shortly whether to do the same for the euro zone’s bailout fund, the European Financial Stability Facility.
Earlier Monday, a top official of the International Monetary Fund warned against a "downward spiral of collapsing confidence" if no further action is taken to tackle the euro zone’s financial woes.
In Switzerland, official data showed that producer price inflation rose unexpectedly in December, ticking up 0.3% after a 0.8% decline the previous month.
Analysts had expected producer price inflation to fall 0.3% in December.
Elsewhere, the Swissie was lower against the euro with EUR/CHF gaining 0.11%, to hit 1.2086.
Markets in the U.S. were to remain closed for Martin Luther King Day.
USD/CHF hit 0.9562 during European morning trade, the daily high; the pair subsequently consolidated at 0.9537, adding 0.14%.
The pair was likely to find support at 0.9464, the low of January 10 and resistance at 0.9594, the high of January 9.
Sentiment was hit after S&P cut ratings on Italy, Spain, Cyprus and Portugal by two notches and downgraded Malta, Slovakia and Slovenia by one level. Germany kept its triple-A rating.
French Finance Minister Francois Baroin said Friday that the loss of the triple-A rating was "not a catastrophe'' and stressed that France still had a solid AA+ rating.
The ratings agency also said it would decide shortly whether to do the same for the euro zone’s bailout fund, the European Financial Stability Facility.
Earlier Monday, a top official of the International Monetary Fund warned against a "downward spiral of collapsing confidence" if no further action is taken to tackle the euro zone’s financial woes.
In Switzerland, official data showed that producer price inflation rose unexpectedly in December, ticking up 0.3% after a 0.8% decline the previous month.
Analysts had expected producer price inflation to fall 0.3% in December.
Elsewhere, the Swissie was lower against the euro with EUR/CHF gaining 0.11%, to hit 1.2086.
Markets in the U.S. were to remain closed for Martin Luther King Day.