Investing.com - The U.S. dollar was lower against the Swiss franc on Monday, as ongoing concerns over the consequences of the U.S. government shutdown and the handling of the nation's fiscal woes continued to dominate market sentiment.
USD/CHF hit 0.9016 during European morning trade, the session low; the pair subsequently consolidated at 0.9024, retreating 0.53%.
The pair was likely to find support at 0.8968, the low of October 3 and a multi-month low and resistance at 0.9082, the high of October 4.
Investors remained cautious after Republican House Speaker John Boehner said Sunday the House will not support bills to fully reopen the government or increase the U.S. debt ceiling unless Democrats agree to talks about spending cuts.
The comments fuelled fears that the political deadlock in Washington will not be resolved by October 17, the date which the Treasury Department has estimated the U.S. could risk an unprecedented default.
In addition, delays in U.S. economic data releases looked likely to fuel uncertainty over whether the Federal Reserve will hold off on any move to roll back its USD85 billion a month asset purchase program.
The shutdown meant that Friday’s scheduled release of the U.S. nonfarm payrolls report for September was postponed and no new date was given for the release of the data.
In Switzerland, official data showed that foreign currency reserves fell to CHF432.4 billion in September, from CHF434.2 billion the previous month.
The Swissie was higher against the euro with EUR/CHF shedding 0.31%, to hit 1.2258.
USD/CHF hit 0.9016 during European morning trade, the session low; the pair subsequently consolidated at 0.9024, retreating 0.53%.
The pair was likely to find support at 0.8968, the low of October 3 and a multi-month low and resistance at 0.9082, the high of October 4.
Investors remained cautious after Republican House Speaker John Boehner said Sunday the House will not support bills to fully reopen the government or increase the U.S. debt ceiling unless Democrats agree to talks about spending cuts.
The comments fuelled fears that the political deadlock in Washington will not be resolved by October 17, the date which the Treasury Department has estimated the U.S. could risk an unprecedented default.
In addition, delays in U.S. economic data releases looked likely to fuel uncertainty over whether the Federal Reserve will hold off on any move to roll back its USD85 billion a month asset purchase program.
The shutdown meant that Friday’s scheduled release of the U.S. nonfarm payrolls report for September was postponed and no new date was given for the release of the data.
In Switzerland, official data showed that foreign currency reserves fell to CHF432.4 billion in September, from CHF434.2 billion the previous month.
The Swissie was higher against the euro with EUR/CHF shedding 0.31%, to hit 1.2258.