Investing.com - The U.S. dollar was down against the Swiss franc on Wednesday, falling to a five-week low amid sustained hopes that European leaders will unveil a solution to the region's debt crisis after this week's key talks.
USD/CHF hit 0.8729 during European morning trade, the pair's lowest since September 21; the pair subsequently consolidated at 0.8742, shedding 0.45%.
The pair was likely to find support at 0.8569, the low of September 8 and resistance at 0.8952, the high of October 21.
Market sentiment remained supported as investors eyed a key EU summit due to result in a final plan to tackle the deepening debt crisis in the single currency bloc.
Over the weekend, EU leaders had neared an agreement on bank recapitalization and expanding the firepower of the euro zone’s bailout fund, but divisions over restructuring Greek debt remained.
But concerns remained, as a meeting of European finance ministers scheduled earlier in the day was unexpectedly cancelled.
Meanwhile, the Swissie was also up against the euro with EUR/CHF declining 0.22, to hit 1.2186.
Later Wednesday, the U.S. was to release government data on durable goods orders, as well as official data on new home sales and crude oil stockpiles.
USD/CHF hit 0.8729 during European morning trade, the pair's lowest since September 21; the pair subsequently consolidated at 0.8742, shedding 0.45%.
The pair was likely to find support at 0.8569, the low of September 8 and resistance at 0.8952, the high of October 21.
Market sentiment remained supported as investors eyed a key EU summit due to result in a final plan to tackle the deepening debt crisis in the single currency bloc.
Over the weekend, EU leaders had neared an agreement on bank recapitalization and expanding the firepower of the euro zone’s bailout fund, but divisions over restructuring Greek debt remained.
But concerns remained, as a meeting of European finance ministers scheduled earlier in the day was unexpectedly cancelled.
Meanwhile, the Swissie was also up against the euro with EUR/CHF declining 0.22, to hit 1.2186.
Later Wednesday, the U.S. was to release government data on durable goods orders, as well as official data on new home sales and crude oil stockpiles.