Investing.com – The U.S. dollar was down against the Swiss franc on Monday, falling to a 2-day low after a pledge by G-20 finance ministers to refrain from "competitive devaluation" of currencies triggered broad dollar selling.
USD/CHF hit 0.9664 European morning trade, the pair’s lowest since October 21; the pair subsequently consolidated at 0.9697, tumbling 0.73%
The pair was likely to find support at 0.9462, the low of October 14 and an all-time low and resistance at 0.9804, last Friday’s high.
At their weekend meeting in South Korea the G20 industrial and emerging nations agreed to try to maintain trade balances—which are both a reflection of and a determinant of exchange rates—at "sustainable levels." Leaders also agreed to move toward market-based exchange-rate systems.
Sentiment towards the dollar also suffered following a report by investment bank Goldman Sachs which suggested that the U.S. Federal Reserve may need to provide as much as another USD 4 trillion in additional quantitative easing.
The Sissy was also up against the euro, with EUR/CHF shedding 0.12% to hit 1.3617.
Later in the day, the U.S. was to release industry data on existing home sales.
USD/CHF hit 0.9664 European morning trade, the pair’s lowest since October 21; the pair subsequently consolidated at 0.9697, tumbling 0.73%
The pair was likely to find support at 0.9462, the low of October 14 and an all-time low and resistance at 0.9804, last Friday’s high.
At their weekend meeting in South Korea the G20 industrial and emerging nations agreed to try to maintain trade balances—which are both a reflection of and a determinant of exchange rates—at "sustainable levels." Leaders also agreed to move toward market-based exchange-rate systems.
Sentiment towards the dollar also suffered following a report by investment bank Goldman Sachs which suggested that the U.S. Federal Reserve may need to provide as much as another USD 4 trillion in additional quantitative easing.
The Sissy was also up against the euro, with EUR/CHF shedding 0.12% to hit 1.3617.
Later in the day, the U.S. was to release industry data on existing home sales.