Investing.com – The U.S. dollar was down against the Swiss franc on Tuesday, falling to hit a daily low after an unexpected interest rate increase by Australia’s central bank added to pressure on the ailing greenback.
USD/CHF hit 0.9828 during European morning trade, the daily low; the pair subsequently consolidated at 0.9833, tumbling 0.82%.
The pair was likely to find support at 0.9701, the low of October 26 and resistance at 0.9970, Monday’s high.
Earlier in the day, the Reserve Bank of Australia unexpectedly raised its Official Cash Rate by a quarter of a percentage point to 4.75% amid concern that stronger growth will cause inflation to accelerate. It was the bank’s first rate increase in six months and the move saw the U.S. dollar come under renewed selling pressure.
The Swissy was also up against the euro, with EUR/CHF shedding 0.27% to hit 1.3739.
Later in the day, Federal Reserve policy makers were to begin their 2-day November policy meeting, which was widely expected to result in the unveiling of fresh monetary easing.
USD/CHF hit 0.9828 during European morning trade, the daily low; the pair subsequently consolidated at 0.9833, tumbling 0.82%.
The pair was likely to find support at 0.9701, the low of October 26 and resistance at 0.9970, Monday’s high.
Earlier in the day, the Reserve Bank of Australia unexpectedly raised its Official Cash Rate by a quarter of a percentage point to 4.75% amid concern that stronger growth will cause inflation to accelerate. It was the bank’s first rate increase in six months and the move saw the U.S. dollar come under renewed selling pressure.
The Swissy was also up against the euro, with EUR/CHF shedding 0.27% to hit 1.3739.
Later in the day, Federal Reserve policy makers were to begin their 2-day November policy meeting, which was widely expected to result in the unveiling of fresh monetary easing.