Investing.com – The U.S. dollar extended losses against the Swiss franc on Monday, falling to a fresh 3-day low, as increased risk appetite pushed the dollar lower amid renewed hopes over the global economic recovery.
USD/CHF hit 1.0073 during European afternoon trade, the pair’s lowest since September 8; the pair subsequently consolidated at 1.0079, tumbling 1.22%.
The pair was likely to find support at 1.0060, the low of September 8 and the 9-month low, and resistance at 1.0277, Friday’s high.
Earlier in the day, the European Commission raised its growth forecast for the euro zone and the wider European Union for 2010, saying that strong growth in industrial exports is driving a faster-than-expected recovery from the recent global economic crisis.
The EC said it now expected the region’s economy to expand by 1.7%, up from a previous estimate of 0.9%.
Meanwhile, the Swissy was down against the euro, with EUR/CHF gaining 0.25% to hit 1.2962.
Earlier in the day, official data showed that Switzerland's producer price index rose less-than-expected in August.
USD/CHF hit 1.0073 during European afternoon trade, the pair’s lowest since September 8; the pair subsequently consolidated at 1.0079, tumbling 1.22%.
The pair was likely to find support at 1.0060, the low of September 8 and the 9-month low, and resistance at 1.0277, Friday’s high.
Earlier in the day, the European Commission raised its growth forecast for the euro zone and the wider European Union for 2010, saying that strong growth in industrial exports is driving a faster-than-expected recovery from the recent global economic crisis.
The EC said it now expected the region’s economy to expand by 1.7%, up from a previous estimate of 0.9%.
Meanwhile, the Swissy was down against the euro, with EUR/CHF gaining 0.25% to hit 1.2962.
Earlier in the day, official data showed that Switzerland's producer price index rose less-than-expected in August.