Investing.com - The U.S. dollar trimmed gains against the Swiss franc on Monday, pulling away from a session high as sentiment found mild support after better-than-expected German Ifo data although concerns over further debt contagion in the euro zone continued to weigh.
USD/CHF pulled back from 0.9137, the daily high, to hit 0.9104 during European morning trade, still up 0.26%.
The pair was likely to find support at 0.9045, the low of March 2 and resistance at 0.9153, the high of March 20.
The Ifo Institute said earlier that its index of German business confidence inched up to 109.8, from a reading of 109.6 in February. Analysts had expected the index to ease up to 109.7 this month.
But sentiment remained under pressure after Italian Prime Minister Mario Monti warned over the weekend that the threat of contagion from Spain could cause the debt crisis in the euro zone to flare up again.
On Friday, Spain’s Prime Minister Mariano Rajoy is due to announce EUR40 billion in budget cuts, as he attempts to slash the country’s deficit in the face of a looming recession.
Elsewhere, the Swissie was almost unchanged against the euro with EUR/CHF inching 0.02% higher, to hit 1.2053.
Later in the day, the U.S. was to publish industry data on pending home sales and Federal Reserve Chairman Ben Bernanke was to speak.
USD/CHF pulled back from 0.9137, the daily high, to hit 0.9104 during European morning trade, still up 0.26%.
The pair was likely to find support at 0.9045, the low of March 2 and resistance at 0.9153, the high of March 20.
The Ifo Institute said earlier that its index of German business confidence inched up to 109.8, from a reading of 109.6 in February. Analysts had expected the index to ease up to 109.7 this month.
But sentiment remained under pressure after Italian Prime Minister Mario Monti warned over the weekend that the threat of contagion from Spain could cause the debt crisis in the euro zone to flare up again.
On Friday, Spain’s Prime Minister Mariano Rajoy is due to announce EUR40 billion in budget cuts, as he attempts to slash the country’s deficit in the face of a looming recession.
Elsewhere, the Swissie was almost unchanged against the euro with EUR/CHF inching 0.02% higher, to hit 1.2053.
Later in the day, the U.S. was to publish industry data on pending home sales and Federal Reserve Chairman Ben Bernanke was to speak.