Investing.com - The U.S. dollar was almost unchanged against the Swiss franc on Monday, as investors eyed key talks between French and German leaders on a possible fiscal pact ahead of this week’s European Union summit.
USD/CHF hit 0.9233 during European morning trade, the daily high; the pair subsequently consolidated at 0.9218, easing up 0.04%.
The pair was likely to find support at 0.9065, the low of November 30 and resistance at 0.9329, the high of November 25.
French President Nicolas Sarkozy and German Chancellor Angela Merkel were to meet later Monday, to outline joint proposals for more coercive budget discipline in the euro zone, which they plan to present at Friday's EU summit.
An agreement could pave the way for an accelerated implementation of the euro zone's rescue plan to help debt-ridden countries receive funds while encouraging bondholders to buy euro zone bonds.
Market sentiment also strengthened after Italy unveiled new austerity steps, and amid expectations Ireland will do the same in a new budget to be announced later in the day.
On Sunday, Italian Prime Minister Mario Monti presented a EUR30 billion package, raising taxes and increasing the pension age in a drive to shore up the country’s strained finances.
Meanwhile, the Swissie was down against the euro With EUR/CHF climbing 0.42%, to hit 1.2391.
Later in the day, the U.S. Institute of Supply Management was to release a report on service sector activity. The U.S. was also to publish government data on factory orders.
USD/CHF hit 0.9233 during European morning trade, the daily high; the pair subsequently consolidated at 0.9218, easing up 0.04%.
The pair was likely to find support at 0.9065, the low of November 30 and resistance at 0.9329, the high of November 25.
French President Nicolas Sarkozy and German Chancellor Angela Merkel were to meet later Monday, to outline joint proposals for more coercive budget discipline in the euro zone, which they plan to present at Friday's EU summit.
An agreement could pave the way for an accelerated implementation of the euro zone's rescue plan to help debt-ridden countries receive funds while encouraging bondholders to buy euro zone bonds.
Market sentiment also strengthened after Italy unveiled new austerity steps, and amid expectations Ireland will do the same in a new budget to be announced later in the day.
On Sunday, Italian Prime Minister Mario Monti presented a EUR30 billion package, raising taxes and increasing the pension age in a drive to shore up the country’s strained finances.
Meanwhile, the Swissie was down against the euro With EUR/CHF climbing 0.42%, to hit 1.2391.
Later in the day, the U.S. Institute of Supply Management was to release a report on service sector activity. The U.S. was also to publish government data on factory orders.