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Forex - USD/CHF edges higher in risk-off trade

By Investing.com  |  Forex  |  Nov 26, 2012 09:21AM GMT  |   Add a Comment
 
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Investing.com - The U.S. dollar edged higher against the Swiss franc on Monday, as investors were cautious amid ongoing uncertainty over the outcome of European talks on a financial aid deal for Greece.

USD/CHF hit 0.9300 during European morning trade, the session high; the pair subsequently consolidated at 0.9298, adding 0.18%.

Forex - USD/CHF edges higher in risk-off trade
The pair was likely to find support at 0.9250, the low of October 22 and resistance at 0.9359, the high of November 23.

Investors were cautious ahead of a meeting of euro zone finance ministers later in the day to discuss whether to release Greece’s next tranche of aid.

German Chancellor Angela Merkel said she believes a deal can be reached at Monday’s talks, while the French finance minister said over the weekend that an agreement is close.

Sentiment also came under pressure after Spain's main separatist party, the Convergence and Union alliance (CiU), led by Catalonian President Artur Mas, lost seats in the elections as voters expressed their frustration at his party’s introduction of austerity measures. As a result, two-thirds of the 135-seat local parliament went to four different Catalan separatist parties.

In Switzerland, official data earlier showed that the number of employed people rose to 4.12 million in the third quarter from 4.07 million in the previous quarter, beating expectations for a rise to 4.09 million.

The Swissie was flat against the euro with EUR/CHF af 1.2043.

Later in the day, Germany was to release data on German consumer climate.


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