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Forex - Swissy drops against dollar, hitting 13-month low

Published 05/24/2010, 09:57 AM
Updated 05/24/2010, 09:57 AM

Investing.com – The Swiss franc dropped against the U.S. dollar on Monday, hitting a 13-month low ahead of a key report on the U.S. housing market.

USD/CHF hit 1.1587 during European afternoon trade, its highest since February 2009; the pair subsequently consolidated around 1.1575, gaining 0.67%.

The pair was likely to find support at 1.0923, the low of May 10, and support at 1.1740, the high of April 20.

Later in the day, the National Association of Realtors, an industry group, was set to release key data on existing U.S. home sales, a leading indicator of economic health.

The Swissy also slumped versus the loonie, with CAD/CHF jumping 0.86% to reach 1.0953.

Meanwhile, Spain's takeover of one of the country's largest lenders renewed fears over the sovereign debt crisis in the euro zone, Switzerland’s largest trading partner.


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