Investing.com – The U.S. dollar slipped lower against the Swiss franc on Thursday, as safe haven demand was dented by hopes that Greece will avert a default and after an auction of Spanish government debt met with reassuring demand.
USD/CHF hit 0.8736 during European morning trade, the daily low; the pair subsequently consolidated at 0.8741, sliding 0.15%.
The pair was likely to find support at 0.8569, the low of September 8 and short-term resistance at 0.8879, Tuesday’s high and an almost four-month high.
A Greek government official said Athens looked set to get approval for the issue of its next tranche of aid after French and German leaders said Wednesday that they were determined to keep the country in the euro zone.
Meanwhile, Switzerland’s central bank left its key interest rate unchanged at zero, in a widely expected decision earlier.
In its rate statement, the Swiss National Bank reiterated its pledge to defend the minimum targeted rate of 1.20 per euro, set on September 6 and said that if it were not for the exchange rate cap, "there would be a substantial threat of recession."
The bank also said it expected growth to reach between 1.5% and 2% in 2011, slightly weaker than the 2% growth it forecast in June.
The Swissie was slightly lower against the euro, but remained close to the targeted exchange rate with EUR/CHF rising 0.18% to hit 1.2069.
Later Thursday, Federal Reserve Chairman Ben Bernanke was to speak, while the U.S. was to publish a string of data, with government reports on consumer price inflation and initial jobless claims. The country was also to publish official data on manufacturing activity in New York and Philadelphia.
USD/CHF hit 0.8736 during European morning trade, the daily low; the pair subsequently consolidated at 0.8741, sliding 0.15%.
The pair was likely to find support at 0.8569, the low of September 8 and short-term resistance at 0.8879, Tuesday’s high and an almost four-month high.
A Greek government official said Athens looked set to get approval for the issue of its next tranche of aid after French and German leaders said Wednesday that they were determined to keep the country in the euro zone.
Meanwhile, Switzerland’s central bank left its key interest rate unchanged at zero, in a widely expected decision earlier.
In its rate statement, the Swiss National Bank reiterated its pledge to defend the minimum targeted rate of 1.20 per euro, set on September 6 and said that if it were not for the exchange rate cap, "there would be a substantial threat of recession."
The bank also said it expected growth to reach between 1.5% and 2% in 2011, slightly weaker than the 2% growth it forecast in June.
The Swissie was slightly lower against the euro, but remained close to the targeted exchange rate with EUR/CHF rising 0.18% to hit 1.2069.
Later Thursday, Federal Reserve Chairman Ben Bernanke was to speak, while the U.S. was to publish a string of data, with government reports on consumer price inflation and initial jobless claims. The country was also to publish official data on manufacturing activity in New York and Philadelphia.