Forex - USD/CHF edges higher, Greek talks in focus
Investing.com
Published Feb 07, 2012 05:29AM ET
USD/CHF hit 0.9162 during European morning trade, the pair’s lowest since February 3; the pair subsequently consolidated at 0.9195, edging up 0.09%.
The pair was likely to find support at 0.9126, the low of February 3 and resistance at 0.9288, the high of January 26.
Investors were cautious as Greek Prime Minister Lucas Papademos was to meet with coalition leaders later in the day to discuss the implementation of additional fiscal measures needed to secure a second bailout.
The head of the Eurogroup of finance ministers Jean-Claude Juncker said earlier that he was confident Greece would remain in the single currency bloc, provided that the country fulfilled its obligations to other bloc members.
European Union officials have said a final agreement on Greece’s EUR130 billion bailout must be approved by February 15, in order to avert a default when a EUR14.5 billion bond repayment comes due on March 20.
Earlier Tuesday, the Swiss National Bank said that its foreign currency reserves fell to CHF227.2 billion in January from CHF254.3 billion the previous month.
Elsewhere, the Swissie was lower against the euro with EUR/CHF adding 0.11%, to hit 1.2076.
Later in the day, Federal Reserve Chairman Ben Bernanke was due to testify on the economic outlook and federal budget situation before the Senate Budget Committee in Washington.
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Written By: Investing.com
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