Investing.com - The U.S. dollar was higher against the Swiss franc on Tuesday, as concerns that the U.S. economic recovery is losing momentum supported safe haven demand.
USD/CHF hit 0.9211 during European late morning trade, the session high; the pair subsequently consolidated at 0.9204 gaining 0.36%.
The pair was likely to find support at 0.9145, the session low and resistance at 0.9253, the high of March 16.
Government data on Friday showed that the U.S. economy added just 120,000 jobs in March, the lowest number since December and well below expectations for a 203,000 increase.
The weaker-than-expected data cast doubts over the strength of the U.S. economic recovery and revived expectations that the Federal Reserve may conduct a fresh round of quantitative easing, which would weaken the dollar.
Earlier Tuesday, official data showing that Chinese imports declined sharply in March, also weighed on the outlook for global growth.
China posted a trade surplus of USD5.35 billion last month, as imports grew just 5.3% after increasing by 39.6% in February.
In addition, concerns over Spain’s high borrowing costs intensified as the yield on 10-year government bonds climbed to 5.8%, the highest level since early December amid fears that the country will be the next in the euro zone to require a bailout.
The Swissie was fractionally lower against the euro, with EUR/CHF inching up 0.07% to hit 1.2028.
Also Tuesday, a report showed that investor sentiment in the euro zone dropped this month, after three successive monthly increases.
Market research group Sentix said its index of investor confidence declined by 6.5 points to minus 14.7 in April from March’s reading of minus 8.2.
Analysts had expected the index to improve modestly by 0.1 points to minus 8.1 in April.
USD/CHF hit 0.9211 during European late morning trade, the session high; the pair subsequently consolidated at 0.9204 gaining 0.36%.
The pair was likely to find support at 0.9145, the session low and resistance at 0.9253, the high of March 16.
Government data on Friday showed that the U.S. economy added just 120,000 jobs in March, the lowest number since December and well below expectations for a 203,000 increase.
The weaker-than-expected data cast doubts over the strength of the U.S. economic recovery and revived expectations that the Federal Reserve may conduct a fresh round of quantitative easing, which would weaken the dollar.
Earlier Tuesday, official data showing that Chinese imports declined sharply in March, also weighed on the outlook for global growth.
China posted a trade surplus of USD5.35 billion last month, as imports grew just 5.3% after increasing by 39.6% in February.
In addition, concerns over Spain’s high borrowing costs intensified as the yield on 10-year government bonds climbed to 5.8%, the highest level since early December amid fears that the country will be the next in the euro zone to require a bailout.
The Swissie was fractionally lower against the euro, with EUR/CHF inching up 0.07% to hit 1.2028.
Also Tuesday, a report showed that investor sentiment in the euro zone dropped this month, after three successive monthly increases.
Market research group Sentix said its index of investor confidence declined by 6.5 points to minus 14.7 in April from March’s reading of minus 8.2.
Analysts had expected the index to improve modestly by 0.1 points to minus 8.1 in April.