Forex Pros – The Swiss franc soared to an all-time high against the U.S. dollar on Thursday, as ongoing political unrest in Libya and surging oil prices spurred demand for the safe haven franc.
USD/CHF hit 0.9256 during European morning trade, the pair’s all-time low; the pair subsequently consolidated at 0.9258, tumbling 0.79%.
The pair was likely to find support at 0.91 and resistance at 0.9334, the days high.
The Swissie’s gains came as oil prices rallied amid fears that the political turmoil in Libya could reduce global supplies.
Earlier in the day, Brent crude oil for April delivery was trading at USD116.51 a barrel, its highest level since August 2008, while the Nymex April contract was trading at USD102 a barrel, the highest since September 2008.
On Wednesday, U.S. President Barack Obama condemned violence against protesters in Libya, calling it “outrageous” and “unacceptable.” He said the U.S. was preparing a “full range” of options.
The Swissie was also up against the euro, with EUR/CHF shedding 0.55% to hit 1.2755.
Later in the day, the U.S. was to publish reports on durable goods orders and initial jobless claims, as well as data on new home sales.
ForexPros.com
