Investing.com - The U.S. dollar edged lower against the Swiss franc on Monday, as investors remained cautious amid mounting fears of a possible U.S. government shutdown.
USD/CHF hit 0.9046 during European morning trade, the session low; the pair subsequently consolidated at 0.9053, easing 0.09%.
The pair was likely to find support at 0.9022, the low of September 27 and a multi-month low and resistance at 0.9111, the high of September 27.
Markets were jittery as political wrangling in Washington over funding for President Barack Obama’s healthcare law continued over the weekend, fuelling fears over the prospect for a government shutdown.
Congress must pass a short-term budget by midnight on Monday in order to keep the government open.
Republican opposition to the funding of the Affordable Care Act has created a standoff with the White House and the Democratic-controlled Senate, which have both said they will not support any budget bill that defunds or amends Obamacare.
The Swissie was higher against the euro with EUR/CHF shedding 0.27%, to hit 1.2220.
The euro came under pressure after Silvio Berlusconi announced Saturday that he was pulling his ministers out of Prime Minister Enrico Letta’s coalition government and called for fresh elections to be held.
In addition, data released on Monday showed that consumer price inflation in the euro zone rose at the slowest pace since February 2010 in September, rising 1.1%, down from 1.3% in August.
Core CPI, which excludes food, energy, alcohol, and tobacco costs rose 1%, slowing from 1.1% in August.
USD/CHF hit 0.9046 during European morning trade, the session low; the pair subsequently consolidated at 0.9053, easing 0.09%.
The pair was likely to find support at 0.9022, the low of September 27 and a multi-month low and resistance at 0.9111, the high of September 27.
Markets were jittery as political wrangling in Washington over funding for President Barack Obama’s healthcare law continued over the weekend, fuelling fears over the prospect for a government shutdown.
Congress must pass a short-term budget by midnight on Monday in order to keep the government open.
Republican opposition to the funding of the Affordable Care Act has created a standoff with the White House and the Democratic-controlled Senate, which have both said they will not support any budget bill that defunds or amends Obamacare.
The Swissie was higher against the euro with EUR/CHF shedding 0.27%, to hit 1.2220.
The euro came under pressure after Silvio Berlusconi announced Saturday that he was pulling his ministers out of Prime Minister Enrico Letta’s coalition government and called for fresh elections to be held.
In addition, data released on Monday showed that consumer price inflation in the euro zone rose at the slowest pace since February 2010 in September, rising 1.1%, down from 1.3% in August.
Core CPI, which excludes food, energy, alcohol, and tobacco costs rose 1%, slowing from 1.1% in August.