Investing.com - The U.S. dollar rose to nearly one-month highs against the Swiss franc on Tuesday, as newfound hopes for progress in U.S. budget negotiations lent support to the greenback.
USD/CHF hit 0.9142 during European morning trade, the pair's highest since September 18; the pair subsequently consolidated at 0.9151, gaining 0.54%.
The pair was likely to find support at 0.9064, Monday's low and resistance at 0.9235, the high of August 28.
U.S. Senate Majority Leader Harry Reid said Monday that “tremendous progress” had been made towards a deal, fuelling hopes that a compromise can be reached.
If an agreement to raise the federal borrowing limit is not struck ahead of Thursday’s deadline, the U.S. will face an unprecedented sovereign debt default.
Any potential deal will still have to be approved by the House of Representatives, where Speaker John Boehner would have to decide whether to allow a vote or demand federal spending cuts.
The Swissie was lower against the euro with EUR/CHF edging up 0.11%, to hit 1.2359.
In the euro zone, data showed that German economic sentiment improved more-than-expected in October, rising to the highest level since April 2010.
The ZEW Centre for Economic Research said that its index of German economic sentiment rose by 3.2 points to hit 52.8 in October from September’s reading of 49.6. Analysts had expected an unchanged reading.
Later in the day, the U.S. was to release a report on manufacturing activity in the Empire state.
USD/CHF hit 0.9142 during European morning trade, the pair's highest since September 18; the pair subsequently consolidated at 0.9151, gaining 0.54%.
The pair was likely to find support at 0.9064, Monday's low and resistance at 0.9235, the high of August 28.
U.S. Senate Majority Leader Harry Reid said Monday that “tremendous progress” had been made towards a deal, fuelling hopes that a compromise can be reached.
If an agreement to raise the federal borrowing limit is not struck ahead of Thursday’s deadline, the U.S. will face an unprecedented sovereign debt default.
Any potential deal will still have to be approved by the House of Representatives, where Speaker John Boehner would have to decide whether to allow a vote or demand federal spending cuts.
The Swissie was lower against the euro with EUR/CHF edging up 0.11%, to hit 1.2359.
In the euro zone, data showed that German economic sentiment improved more-than-expected in October, rising to the highest level since April 2010.
The ZEW Centre for Economic Research said that its index of German economic sentiment rose by 3.2 points to hit 52.8 in October from September’s reading of 49.6. Analysts had expected an unchanged reading.
Later in the day, the U.S. was to release a report on manufacturing activity in the Empire state.