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Forex - USD/CHF holds steady, eyes on U.S. data

Published 08/26/2014, 05:23 AM
Updated 08/26/2014, 05:23 AM
U.S. dollar little changed, near 9-month highs vs. Swissie

Investing.com - The U.S. dollar was steady against the Swiss franc on Tuesday, still hovering close to nine-month highs as markets eyed the release of U.S. data later in the day for further indications on the country's economic recovery.

USD/CHF hit 0.9164 during European morning trade, the session high; the pair subsequently consolidated at 0.9154, inching up 0.01%.

The pair was likely to find support at 0.9104, the low of August 22 and resistance at 0.9250.

Demand for the greenback remained supported after Federal Reserve Chair Janet Yellen said at Jackson Hole on Friday that the U.S. economy is recovering and added the labor market is improving as well.

Markets seemed to shrug off data on Monday showing that U.S. new home sales dropped by 2.4% to 412,000 units last month, compared to expectations for an increase of 5.7% to 430,000.

Meanwhile, investors remained cautious as Russian President Vladimir Putin was set to meet his Ukrainian counterpart, Petro Poroshenko, later Tuesday amid growing tensions in the region.

On Monday, Ukraine said an armored column including 10 tanks entered from Russia as the government in Moscow unveiled plans to send a second convoy with humanitarian aid.

The Swissie was little changed against the euro, with EUR/CHF inching 0.04% higher to 1.2079.

Later in the day, the U.S. was to publish reports on July durable goods orders, as well as house price inflation and consumer confidence.

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