Investing.com - The Swiss franc firmed against the dollar Tuesday in wake of Philippe Hildebrand's resignation as head of the Swiss Central Bank, as relief swept over markets that policies he put in place will likely stay.
USD/CHF hit 0.9488 Tuesday in Asian trading, down 0.09%, up from a session low of 0.9474 and off from a high of 0.9500.
The pair was likely to find support at 0.9474, Tuesday's earlier low, and resistance at 0.9584, Monday's high.
Hildebrand resigned as chairman of the Swiss Central Bank due to a controversy stemming from a currency trade allegedly carried out by his wife just before the bank set a exchange-rate limit on the franc against the euro.
Analysts didn't foresee major movements in the currency markets.
"I don't think this will make any difference to SNB policy per se. It's not going to lead to a serious challenge of the Swiss franc ceiling or anything like that," said Simon Derrick, head of currency research at Bank of New York Mellon, according to Reuters.
"It may be slightly counterintuitive, but it says you have a central bank you can trust and from that perspective it does make the Swiss franc marginally more attractive. But in the broader scheme of things we know the SNB is going to defend the ceiling and this just adds to the credibility."
Meanwhile, the Swiss franc was up against the euro and the pound, with EUR/CHF losing 0.08% to trade at 1.2113 and GBP/CHF falling 0.02% at 1.4676.
In the U.K. later Tuesday, the British Retail Consortium is to release retail sales data.
The U.K. will also report on industry data on house price balance, a key gauge of housing inflation.
The eurozone will unveil figures on French industrial production, a leading indicator of economic health as well.
In the U.S., FOMC members John Williams and Sandra Pianalto are expected to speak.
USD/CHF hit 0.9488 Tuesday in Asian trading, down 0.09%, up from a session low of 0.9474 and off from a high of 0.9500.
The pair was likely to find support at 0.9474, Tuesday's earlier low, and resistance at 0.9584, Monday's high.
Hildebrand resigned as chairman of the Swiss Central Bank due to a controversy stemming from a currency trade allegedly carried out by his wife just before the bank set a exchange-rate limit on the franc against the euro.
Analysts didn't foresee major movements in the currency markets.
"I don't think this will make any difference to SNB policy per se. It's not going to lead to a serious challenge of the Swiss franc ceiling or anything like that," said Simon Derrick, head of currency research at Bank of New York Mellon, according to Reuters.
"It may be slightly counterintuitive, but it says you have a central bank you can trust and from that perspective it does make the Swiss franc marginally more attractive. But in the broader scheme of things we know the SNB is going to defend the ceiling and this just adds to the credibility."
Meanwhile, the Swiss franc was up against the euro and the pound, with EUR/CHF losing 0.08% to trade at 1.2113 and GBP/CHF falling 0.02% at 1.4676.
In the U.K. later Tuesday, the British Retail Consortium is to release retail sales data.
The U.K. will also report on industry data on house price balance, a key gauge of housing inflation.
The eurozone will unveil figures on French industrial production, a leading indicator of economic health as well.
In the U.S., FOMC members John Williams and Sandra Pianalto are expected to speak.