Investing.com – The U.S. dollar was lower against the Swiss franc on Thursday, as dissent within the Greek government cast doubts over whether a planned referendum on the country’s new bailout deal would go ahead.
USD/CHF hit 0.8799 during European morning trade, the session low; the pair subsequently consolidated at 0.8808, slipping 0.36%.
The pair was likely to find support at 0.8609, Monday’s low and resistance at 0.8904, Wednesday’s high.
Market sentiment staged a modest recovery earlier after European officials said that the single currency bloc will survive, even if Greece's controversial referendum results in a call to exit the euro zone.
Earlier in the day, Greek Finance Minister Evangelos Venizelos said he was opposed to the planned referendum.
Meanwhile, speculation that the referendum could be cancelled mounted, ahead of a vote of confidence in Prime Minister George Papandreou’s government on Friday.
In the U.S., Federal Reserve Chairman Ben Bernanke said Wednesday that “economic growth strengthened somewhat in the third quarter,” but also warned that “significant downside risks” remain to the outlook.
Speaking at the central bank’s post policy meeting press conference, Bernanke said that economic growth was “frustratingly slow” and “very unsatisfactory.” He added that additional round of asset purchases, specifically mortgage-backed securities, was a “viable option
The Swissie was fractionally higher against the euro, with EUR/CHF dipping 0.08% to hit 1.2142.
Later in the day, the European Central Bank was to hold its first policy setting meeting chaired by new head, Mario Draghi. Meanwhile, the U.S. was to produce its weekly report on initial jobless claims as well as a report on service sector activity from the Institute of Supply Management.
USD/CHF hit 0.8799 during European morning trade, the session low; the pair subsequently consolidated at 0.8808, slipping 0.36%.
The pair was likely to find support at 0.8609, Monday’s low and resistance at 0.8904, Wednesday’s high.
Market sentiment staged a modest recovery earlier after European officials said that the single currency bloc will survive, even if Greece's controversial referendum results in a call to exit the euro zone.
Earlier in the day, Greek Finance Minister Evangelos Venizelos said he was opposed to the planned referendum.
Meanwhile, speculation that the referendum could be cancelled mounted, ahead of a vote of confidence in Prime Minister George Papandreou’s government on Friday.
In the U.S., Federal Reserve Chairman Ben Bernanke said Wednesday that “economic growth strengthened somewhat in the third quarter,” but also warned that “significant downside risks” remain to the outlook.
Speaking at the central bank’s post policy meeting press conference, Bernanke said that economic growth was “frustratingly slow” and “very unsatisfactory.” He added that additional round of asset purchases, specifically mortgage-backed securities, was a “viable option
The Swissie was fractionally higher against the euro, with EUR/CHF dipping 0.08% to hit 1.2142.
Later in the day, the European Central Bank was to hold its first policy setting meeting chaired by new head, Mario Draghi. Meanwhile, the U.S. was to produce its weekly report on initial jobless claims as well as a report on service sector activity from the Institute of Supply Management.