Investing.com - The U.S. dollar was higher against the Swiss franc in cautious trade on Tuesday, as concerns over the possibility of a slowdown in growth in China boosted safe haven demand, while investors awaited U.S. housing data later in the day.
USD/CHF hit 0.9147 during European morning trade, the session high; the pair subsequently consolidated at 0.9138, gaining 0.30%.
The pair was likely to find support at 0.9091, Monday’s low and a six-day low and resistance at 0.9177, Monday’s high.
The dollar found support as fresh worries over a slowdown in the world’s second largest economy re-emerged earlier after global miner BHP Billiton said that Chinese demand for iron ore is slackening, sparking concerns that commodity prices may fall.
Elsewhere, investors were eyeing the outcome of talks between Italian Prime Minister Mario Monti and union leaders to discuss reforms to the country’s labor market, as he attempts to turn around the euro zone’s third largest economy.
In Switzerland, official data earlier showed that industrial production jumped in the last three months of 2011, rising 7.9% and blowing past expectations for a 0.4% gain.
Industrial production fell at an annualized rate of 1.4% in the fourth quarter, compared to expectations for a 2.0% drop, after declining at a rate of 1.9% in the preceding quarter.
The Swissie was fractionally higher against the euro, with EUR/CHF dipping 0.02% to hit 1.2060.
Later in the day, the U.S. was to produce official data on building permits and housing starts. Meanwhile, Federal Reserve Chairman Ben Bernanke was to speak at an event in Washington; his comments would be closely watched.
USD/CHF hit 0.9147 during European morning trade, the session high; the pair subsequently consolidated at 0.9138, gaining 0.30%.
The pair was likely to find support at 0.9091, Monday’s low and a six-day low and resistance at 0.9177, Monday’s high.
The dollar found support as fresh worries over a slowdown in the world’s second largest economy re-emerged earlier after global miner BHP Billiton said that Chinese demand for iron ore is slackening, sparking concerns that commodity prices may fall.
Elsewhere, investors were eyeing the outcome of talks between Italian Prime Minister Mario Monti and union leaders to discuss reforms to the country’s labor market, as he attempts to turn around the euro zone’s third largest economy.
In Switzerland, official data earlier showed that industrial production jumped in the last three months of 2011, rising 7.9% and blowing past expectations for a 0.4% gain.
Industrial production fell at an annualized rate of 1.4% in the fourth quarter, compared to expectations for a 2.0% drop, after declining at a rate of 1.9% in the preceding quarter.
The Swissie was fractionally higher against the euro, with EUR/CHF dipping 0.02% to hit 1.2060.
Later in the day, the U.S. was to produce official data on building permits and housing starts. Meanwhile, Federal Reserve Chairman Ben Bernanke was to speak at an event in Washington; his comments would be closely watched.