Investing.com - The U.S. dollar slipped lower against the Swiss franc on Wednesday, as a pledge by the head of China’s central bank to support the euro zone boosted market sentiment but concerns over Greece continued to linger.
USD/CHF hit 0.9156 during European morning trade, the session low; the pair subsequently consolidated at 0.9170, shedding 0.25%.
The pair was likely to find support at 0.9102, Monday’s low and resistance at 0.9228, Tuesday’s high and a one-week high.
Market sentiment was bolstered after the governor of the People’s Bank of China said earlier that he believes the euro zone’s debt crisis can be solved and said that China will become more involved in efforts to resolve the crisis through mechanisms such as the European Financial Stability Facility.
Better-than-expected data on growth also lifted sentiment after data showed that the euro zone’s economy contracted less-than-forecast in the fourth quarter.
In Switzerland, a report showed that economic sentiment improved in February, rising significantly for the second consecutive month.
The Centre for European Economic Research (ZEW) said its indicator of economic sentiment improved by 28.9 points to minus 21.2 in February from a reading of minus 50.1 in January.
But concerns over the threat of a default by Greece lingered after euro zone finance ministers replaced a meeting scheduled for later in the day with a conference call, after failing to receive assurances on how Athens plans to implement austerity measures approved in a parliamentary vote on Sunday.
The Swiss franc was almost unchanged against the euro, with EUR/CHF dipping 0.01% to hit 1.2073.
Later Wednesday, the U.S. was to release a report on manufacturing activity in the New York region, as well as data on industrial production and the capacity utilization rate. In addition, the Federal Reserve was to publish the minutes of its most recent policy meeting.
USD/CHF hit 0.9156 during European morning trade, the session low; the pair subsequently consolidated at 0.9170, shedding 0.25%.
The pair was likely to find support at 0.9102, Monday’s low and resistance at 0.9228, Tuesday’s high and a one-week high.
Market sentiment was bolstered after the governor of the People’s Bank of China said earlier that he believes the euro zone’s debt crisis can be solved and said that China will become more involved in efforts to resolve the crisis through mechanisms such as the European Financial Stability Facility.
Better-than-expected data on growth also lifted sentiment after data showed that the euro zone’s economy contracted less-than-forecast in the fourth quarter.
In Switzerland, a report showed that economic sentiment improved in February, rising significantly for the second consecutive month.
The Centre for European Economic Research (ZEW) said its indicator of economic sentiment improved by 28.9 points to minus 21.2 in February from a reading of minus 50.1 in January.
But concerns over the threat of a default by Greece lingered after euro zone finance ministers replaced a meeting scheduled for later in the day with a conference call, after failing to receive assurances on how Athens plans to implement austerity measures approved in a parliamentary vote on Sunday.
The Swiss franc was almost unchanged against the euro, with EUR/CHF dipping 0.01% to hit 1.2073.
Later Wednesday, the U.S. was to release a report on manufacturing activity in the New York region, as well as data on industrial production and the capacity utilization rate. In addition, the Federal Reserve was to publish the minutes of its most recent policy meeting.