Forex - USD/CHF lower after Greek austerity approval

Forexpros - The U.S. dollar was lower against the Swiss franc on Monday, as demand for the safe-haven greenback eased after Greek lawmakers approved a new austerity bill, paving the way to a second bailout package.

USD/CHF hit 0.9103 during European morning trade, the daily low; the pair subsequently consolidated at 0.9123, retreating 0.46%.

The pair was likely to find support at 0.9065, the low of November 30 and resistance at 0.9185, the high of November 22.

Market sentiment improved after Greece’s parliament approved on Sunday a set of austerity measures, including cuts in private-sector wages, 15,000 public-sector job cuts and EUR3 billion in government-spending cuts this year alone.

However, Greece must still find a further EUR325 million of spending cuts and give binding assurances the plan will be implemented before Wednesday when euro zone finance ministers meet to decide on a new EUR130 billion bailout.

Meanwhile, official data showed earlier that Switzerland's producer price index was unexpectedly flat in January, after advancing for the first time in eight months in the preceding month.

Analysts had expected Swiss PPI to rise 0.2% in January.

Elsewhere, the Swissie was flat against the euro with EUR/CHF hitting 1.2093.

Investors were also eyeing a slew of debt auctions later in the week by Italy, Spain and France, as the sales will be considered as a gauge of investor confidence in the euro zone high-yielding sovereign debts.