Forex Pros – The U.S. dollar climbed to a daily high against the Swiss franc on Monday, as concerns that ongoing unrest in the Middle East would spread soured risk appetite.
USD/CHF hit 0.9487 during European morning trade, the daily high; the pair subsequently consolidated at 0.9482, gaining 0.39%.
The pair was likely to find support at 0.943, the days low and a 12-day low and resistance at 0.9538, Friday’s high.
Earlier in the day, demonstrations broke out in Libya’s capital Tripoli, following days of unrest in the city of Benghazi, with some army units reported to have joined anti-government protesters.
Financial markets are particularly sensitive to the violence in Libya because it exports around 1.1 million barrels per day of crude oil.
Elsewhere, anti-government protests also took place in Morocco for the first time and continued in Bahrain and Iran.
The Swissie was also down against the euro, with EUR/CHF advancing 0.27% to hit 1.2969.
Also Monday, markets in the U.S. were to remain closed for the President’s Day holiday.
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