Investing.com - The U.S. dollar edged lower against the Swiss franc on Tuesday, after the release of positive employment data from Switzerland, but demand for the safe haven greenback remained supported by concerns over political instability in Italy.
USD/CHF hit 0.9286 during European morning trade, the session low; the pair subsequently consolidated at 0.9299, edging down 0.26%.
The pair was likely to find support at 0.9273, the low of February 21 and resistance at 0.9339, Monday's high.
In Switzerland, official data showed that the number of employed people remained unchanged at 4.12 million in the fourth quarter, beating expectations for a fall to 4.11 million.
Meanwhile, Italy’s center-left coalition, led by the Democratic Party's Pier Luigi Bersani, won the majority of votes in the lower house and was likely to receive the mandate to form a government.
However, projections indicated that no party would be able to form a majority in the upper house, leading to a deadlock.
In addition, the yield on Italian 10-year bonds jumped to 4.82% on Tuesday from 4.37% on Monday, while the yield on Spanish 10-year bonds rose to 5.4% from 5.1% on Monday.
The Swissie was higher against the euro with EUR/CHF slipping 0.11%, to hit 1.2168.
Market participants were looking ahead to congressional testimony from Federal Reserve chief Ben Bernanke later in the trading day, after last week’s minutes of the central bank’s January meeting showed that some policymakers favored an early end to the Fed's monetary easing measures.
The U.S. was to release a report on consumer confidence and official data on new home sales.
USD/CHF hit 0.9286 during European morning trade, the session low; the pair subsequently consolidated at 0.9299, edging down 0.26%.
The pair was likely to find support at 0.9273, the low of February 21 and resistance at 0.9339, Monday's high.
In Switzerland, official data showed that the number of employed people remained unchanged at 4.12 million in the fourth quarter, beating expectations for a fall to 4.11 million.
Meanwhile, Italy’s center-left coalition, led by the Democratic Party's Pier Luigi Bersani, won the majority of votes in the lower house and was likely to receive the mandate to form a government.
However, projections indicated that no party would be able to form a majority in the upper house, leading to a deadlock.
In addition, the yield on Italian 10-year bonds jumped to 4.82% on Tuesday from 4.37% on Monday, while the yield on Spanish 10-year bonds rose to 5.4% from 5.1% on Monday.
The Swissie was higher against the euro with EUR/CHF slipping 0.11%, to hit 1.2168.
Market participants were looking ahead to congressional testimony from Federal Reserve chief Ben Bernanke later in the trading day, after last week’s minutes of the central bank’s January meeting showed that some policymakers favored an early end to the Fed's monetary easing measures.
The U.S. was to release a report on consumer confidence and official data on new home sales.