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Forex - USD/CHF climbs in risk-off trade

By Investing.com  |  Forex  |  Nov 21, 2012 09:28AM GMT  |   Add a Comment
 
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Investing.com - The U.S. dollar was higher against the Swiss franc on Wednesday, as renewed concerns over the handling of Greece's sovereign debt crisis lent broad support to the safe haven greenback.

Forex - USD/CHF climbs in risk-off trade
USD/CHF hit 0.9458 during European morning trade, the pair's highest since November 16; the pair subsequently consolidated at 0.9443, climbing 0.46%.

The pair was likely to find support at 0.9381, the low of November 7 and resistance at 0.9491, the high of November 16.

The dollar strengthened broadly after euro zone finance ministers failed to reach an agreement on releasing a delayed bailout payment for Greece.

Talks between euro zone finance ministers and the International Monetary Fund concluded on Tuesday without reaching a deal on unlocking Greece’s bailout package, amid disagreements on how best to reduce the country’s debt to sustainable levels.

The head of the eurogroup of finance ministers Jean-Claude Juncker said a deal was close he didn’t know when Athens would receive its next aid installment. The talks are set to continue next Monday.

Elsewhere, the Swissie was steady against the euro with EUR/CHF dipping 0.02%, to hit 1.2045.

Later in the day, the U.S. was to release the weekly government report on initial jobless claims. This data was being released one day early ahead of the Thanksgiving holiday on Thursday.


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