Investing.com - The U.S. dollar was lower against the Swiss franc on Thursday, but remained supported as concerns over the handling of Spain's sovereign debt crisis continued to dominate market attention.
USD/CHF hit 0.9366 during European morning trade, the pair's lowest since October 9; the pair subsequently consolidated at 0.9367, falling 0.27%.
The pair was likely to find support at 0.9324, the low of October 9 and resistance at 0.9432, Wednesday's high.
Euro zone debt concerns persisted after ratings agency Standard & Poor's cut its rating on Spain to BBB-minus from BBB-plus with a negative outlook late Wednesday, citing "mounting risks to Spain’s public finances."
The ratings agency also warned that the capacity of Spanish political institutions to deal with the challenges presented by the current fiscal and economic crisis is declining.
The move brought S&P into line with Moody's, which downgraded Spain in June.
Markets were also jittery amid ongoing uncertainty over Spain’s position on requesting external financial aid and what form a bailout would take.
Elsewhere, the Swissie was higher against the euro with EUR/CHF edging down 0.11%, to hit 1.2079.
Also Thursday, Italy saw borrowing costs rise to the highest level since mid-July at an auction of three-year government bonds, reflecting unease over the risk of contagion from Spain.
Later in the day, the U.S. was to publish government data on the trade balance, in addition to official data on initial jobless claims, import prices and crude oil stockpiles.
USD/CHF hit 0.9366 during European morning trade, the pair's lowest since October 9; the pair subsequently consolidated at 0.9367, falling 0.27%.
The pair was likely to find support at 0.9324, the low of October 9 and resistance at 0.9432, Wednesday's high.
Euro zone debt concerns persisted after ratings agency Standard & Poor's cut its rating on Spain to BBB-minus from BBB-plus with a negative outlook late Wednesday, citing "mounting risks to Spain’s public finances."
The ratings agency also warned that the capacity of Spanish political institutions to deal with the challenges presented by the current fiscal and economic crisis is declining.
The move brought S&P into line with Moody's, which downgraded Spain in June.
Markets were also jittery amid ongoing uncertainty over Spain’s position on requesting external financial aid and what form a bailout would take.
Elsewhere, the Swissie was higher against the euro with EUR/CHF edging down 0.11%, to hit 1.2079.
Also Thursday, Italy saw borrowing costs rise to the highest level since mid-July at an auction of three-year government bonds, reflecting unease over the risk of contagion from Spain.
Later in the day, the U.S. was to publish government data on the trade balance, in addition to official data on initial jobless claims, import prices and crude oil stockpiles.