Investing.com - The U.S. dollar edged higher against the Swiss franc on Monday, but gains were limited following recent confirmation that the Federal Reserve will not begin tapering its stimulus program this year lent support to the greenback.
USD/CHF hit 0.9118 during European morning trade, the session high; the pair subsequently consolidated at 0.9117, adding 0.10%.
The pair was likely to find near-term support at 0.9084, Monday's low and a seven-month low and resistance at 0.9229, the high of August 27.
The greenback remained under pressure after New York Federal Reserve President William Dudley defended the central bank’s decision to keep its stimulus program unchanged last week, in comments on Monday.
Dudley said that adjustments to the Fed’s USD85 billion-a-month asset purchase program "need to be anchored in an assessment of how the economy is actually performing”.
The Fed said last week that it wanted to see more evidence of a sustained economic recovery before it adjusted the scale of its bond buying program. The decision surprised markets, which had been expecting a modest reduction to the scale of the bank’s bond buying program.
The Swissie was fractionally lower against the euro with EUR/CHF inching up 0.07%, to hit 1.2299.
In the euro zone, data showed that the German Ifo business climate index ticked up to an 18-month high of 107.7 in September, from 107.6 in August, still below expectations for a reading of 108.2.
Sentiment on the single currency remained fragile after European Central Bank President Mario Draghi said Monday the bank is ready to inject further liquidity into the region’s banking sector if needed, in order to safeguard the bloc’s recovery.
Later in the day, the U.S. was to release private sector data on house price inflation, as well as a report on consumer confidence.
USD/CHF hit 0.9118 during European morning trade, the session high; the pair subsequently consolidated at 0.9117, adding 0.10%.
The pair was likely to find near-term support at 0.9084, Monday's low and a seven-month low and resistance at 0.9229, the high of August 27.
The greenback remained under pressure after New York Federal Reserve President William Dudley defended the central bank’s decision to keep its stimulus program unchanged last week, in comments on Monday.
Dudley said that adjustments to the Fed’s USD85 billion-a-month asset purchase program "need to be anchored in an assessment of how the economy is actually performing”.
The Fed said last week that it wanted to see more evidence of a sustained economic recovery before it adjusted the scale of its bond buying program. The decision surprised markets, which had been expecting a modest reduction to the scale of the bank’s bond buying program.
The Swissie was fractionally lower against the euro with EUR/CHF inching up 0.07%, to hit 1.2299.
In the euro zone, data showed that the German Ifo business climate index ticked up to an 18-month high of 107.7 in September, from 107.6 in August, still below expectations for a reading of 108.2.
Sentiment on the single currency remained fragile after European Central Bank President Mario Draghi said Monday the bank is ready to inject further liquidity into the region’s banking sector if needed, in order to safeguard the bloc’s recovery.
Later in the day, the U.S. was to release private sector data on house price inflation, as well as a report on consumer confidence.