Investing.com - The U.S. dollar was slightly higher against the Swiss franc on Wednesday, as concerns over Greece's ability to meet its freshly announced debt target and U.S. fiscal policy decisions lent broad support to the safe haven greenback.
USD/CHF hit 0.9320 during European morning trade, the daily high; the pair subsequently consolidated at 0.9313, adding 0.09%.
The pair was likely to find support at 0.9258, Tuesday's low and resistance at 0.9359, the high of November 23.
Market sentiment strengthened after euro zone finance ministers, the European Central Bank and the International Monetary Fund this week reached an agreement to reduce Greece’s debt-reduction target by EUR40 billion to 124% of gross domestic product by 2020.
But the lack of detail on how Greece will implement reforms needed to meet its new debt targets dented investor confidence.
Meanwhile, investors continued to monitor developments surrounding the looming “fiscal cliff” in the U.S., approximately USD600 billion in automatic tax hikes and spending cuts due to come into effect on January 1.
Investor confidence began to weaken on Tuesday after Senate Majority Leader Harry Reid said he was frustrated by the lack of progress in talks over the U.S. budget impasse in Washington.
Elsewhere, the Swissie was steady against the euro with EUR/CHF slipping 0.06%, to hit 1.2036.
Later in the day, the U.S. was to release official data on new home sales, as well as government data on crude oil inventories.
USD/CHF hit 0.9320 during European morning trade, the daily high; the pair subsequently consolidated at 0.9313, adding 0.09%.
The pair was likely to find support at 0.9258, Tuesday's low and resistance at 0.9359, the high of November 23.
Market sentiment strengthened after euro zone finance ministers, the European Central Bank and the International Monetary Fund this week reached an agreement to reduce Greece’s debt-reduction target by EUR40 billion to 124% of gross domestic product by 2020.
But the lack of detail on how Greece will implement reforms needed to meet its new debt targets dented investor confidence.
Meanwhile, investors continued to monitor developments surrounding the looming “fiscal cliff” in the U.S., approximately USD600 billion in automatic tax hikes and spending cuts due to come into effect on January 1.
Investor confidence began to weaken on Tuesday after Senate Majority Leader Harry Reid said he was frustrated by the lack of progress in talks over the U.S. budget impasse in Washington.
Elsewhere, the Swissie was steady against the euro with EUR/CHF slipping 0.06%, to hit 1.2036.
Later in the day, the U.S. was to release official data on new home sales, as well as government data on crude oil inventories.