Investing.com - The U.S. dollar hit a two-month high against the Swiss franc on Monday, as investors remained cautious ahead of the upcoming U.S. presidential elections and a critical Greek parliamentary vote on austerity measures.
USD/CHF hit 0.9445 during European morning trade, the pair’s highest since September 11; the pair subsequently consolidated at 0.9429, gaining 0.32%.
The pair was likely to find support at 0.9398, the session low and near-term resistance at 0.9466, the high of September 11.
Investors were focused on the outcome of Tuesday’s U.S. presidential elections, amid concerns over the U.S. fiscal cliff, automatic tax hikes and spending cuts due to come into effect on January 1, which could threaten U.S. and global growth.
Market sentiment was also hit by concerns over whether Greece’s Parliament would approve a package of spending cuts and tax hikes in a vote on Wednesday, which will determine if Athens receives its next tranche of financial aid.
The dollar remained supported after official data on Friday showed that the U.S. economy added 171,000 jobs in October, beating forecasts for an increase of 125,000. The unemployment rate ticked up to 7.9% from 7.8% in September as more people re-entered the labor force.
The Swissy was little changed against the euro, with EUR/CHF dipping 0.04% to 1.2065.
Later Monday, the Institute of Supply Management was to publish data on U.S. service sector activity.
USD/CHF hit 0.9445 during European morning trade, the pair’s highest since September 11; the pair subsequently consolidated at 0.9429, gaining 0.32%.
The pair was likely to find support at 0.9398, the session low and near-term resistance at 0.9466, the high of September 11.
Investors were focused on the outcome of Tuesday’s U.S. presidential elections, amid concerns over the U.S. fiscal cliff, automatic tax hikes and spending cuts due to come into effect on January 1, which could threaten U.S. and global growth.
Market sentiment was also hit by concerns over whether Greece’s Parliament would approve a package of spending cuts and tax hikes in a vote on Wednesday, which will determine if Athens receives its next tranche of financial aid.
The dollar remained supported after official data on Friday showed that the U.S. economy added 171,000 jobs in October, beating forecasts for an increase of 125,000. The unemployment rate ticked up to 7.9% from 7.8% in September as more people re-entered the labor force.
The Swissy was little changed against the euro, with EUR/CHF dipping 0.04% to 1.2065.
Later Monday, the Institute of Supply Management was to publish data on U.S. service sector activity.