Investing.com - The U.S. dollar edged higher against the Swiss franc on Wednesday, as demand for the safe haven greenback remained supported by ongoing geopolitical tension in Syria and the possibility of a U.S. military intervention in the region.
USD/CHF hit 0.9197 during European morning trade, the session high; the pair subsequently consolidated at 0.9185, adding 0.09%.
The pair was likely to find support at 0.9228, the low of August 19 and resistance at 0.9246, the high of August 26.
Market sentiment was hit by growing expectations for U.S. military strikes against Syria’s government. U.S. Vice-President Joe Biden said Tuesday there is "no doubt" that the Syrian government used chemical weapons against civilians and added that it must be held accountable.
The greenback also found support as concerns over the timing of a reduction in Federal Reserve stimulus eased after data on Tuesday showed that U.S. consumer confidence rose more than expected in August, hitting the highest level since January 2008.
The Conference Board said its index of consumer confidence rose to 81.5 in August from an upwardly revised 81.0 in July. Analysts had expected the index to tick down to 79.0.
The Swissie was steady against the euro with EUR/CHF inching down 0.03%, to hit 1.2285.
In the euro zone, data showed that the Gfk German consumer climate index ticked down to 6.9 in August from a reading of 7.0 the previous month. Analysts had expected the index to rise to 7.1 this month.
Later in the day, the U.S. was to release data on pending home sales.
USD/CHF hit 0.9197 during European morning trade, the session high; the pair subsequently consolidated at 0.9185, adding 0.09%.
The pair was likely to find support at 0.9228, the low of August 19 and resistance at 0.9246, the high of August 26.
Market sentiment was hit by growing expectations for U.S. military strikes against Syria’s government. U.S. Vice-President Joe Biden said Tuesday there is "no doubt" that the Syrian government used chemical weapons against civilians and added that it must be held accountable.
The greenback also found support as concerns over the timing of a reduction in Federal Reserve stimulus eased after data on Tuesday showed that U.S. consumer confidence rose more than expected in August, hitting the highest level since January 2008.
The Conference Board said its index of consumer confidence rose to 81.5 in August from an upwardly revised 81.0 in July. Analysts had expected the index to tick down to 79.0.
The Swissie was steady against the euro with EUR/CHF inching down 0.03%, to hit 1.2285.
In the euro zone, data showed that the Gfk German consumer climate index ticked down to 6.9 in August from a reading of 7.0 the previous month. Analysts had expected the index to rise to 7.1 this month.
Later in the day, the U.S. was to release data on pending home sales.