Investing.com – The U.S. dollar was up against the Swiss franc on Monday, rebounding from a 3-week low after Federal Reserve Chairman Ben Bernanke said a double-dip recession “doesn’t seem likely.”
USD/CHF hit 0.9796 during European morning trade, the daily high; the pair subsequently consolidated at 0.9789, gaining 0.52%.
The pair was likely to find short-term support at 0.9724, last Friday’s low and a 3-week low and resistance at 0.9949, Friday’s high.
In an interview with CBS's "60 Minutes" aired Sunday, Bernanke said it could be four to five years before the U.S. returned to a more normal jobless rate but that the U.S. economy was not likely to fall back into a recession.
Bernanke said a renewed recession was not likely because sectors of the economy such as housing could not become much more depressed.
The Fed chair also said purchases of Treasuries beyond the USD600 billion announced last month were “certainly possible.”
Meanwhile, the Swissy was up against the euro, with EUR/CHF shedding 0.28% to hit 1.3024.
Later Monday, euro zone finance ministers were due to meet in Brussels. The ministers faced pressure to increase the size of a EUR 750 billion safety net for indebted euro members, in order to arrest sovereign debt contagion in the single currency bloc.
USD/CHF hit 0.9796 during European morning trade, the daily high; the pair subsequently consolidated at 0.9789, gaining 0.52%.
The pair was likely to find short-term support at 0.9724, last Friday’s low and a 3-week low and resistance at 0.9949, Friday’s high.
In an interview with CBS's "60 Minutes" aired Sunday, Bernanke said it could be four to five years before the U.S. returned to a more normal jobless rate but that the U.S. economy was not likely to fall back into a recession.
Bernanke said a renewed recession was not likely because sectors of the economy such as housing could not become much more depressed.
The Fed chair also said purchases of Treasuries beyond the USD600 billion announced last month were “certainly possible.”
Meanwhile, the Swissy was up against the euro, with EUR/CHF shedding 0.28% to hit 1.3024.
Later Monday, euro zone finance ministers were due to meet in Brussels. The ministers faced pressure to increase the size of a EUR 750 billion safety net for indebted euro members, in order to arrest sovereign debt contagion in the single currency bloc.