Forex Pros – The U.S. dollar dipped against the Swiss franc on Thursday, but remained close to a three-week high as falling commodity prices kept risk appetite volatile and supported the greenback.
USD/CHF hit 0.8848 during European morning trade, the daily low; the pair subsequently consolidated at 0.8868, dipping 0.09%.
The pair was likely to find short-term support at 0.8782, Wednesday’s low and resistance at 0.9010, the high of April 20.
Speculation over whether Greece will receive more bailout funding hit risk appetite amid rising expectations that the country will eventually need to restructure its debt.
Meanwhile, sharp losses in commodity prices, with silver tumbling around 2.5% and oil down overnight, as well as falls on equity markets continued to boost demand for safe haven assets.
The Swissie was also higher against the euro, with EUR/CHF shedding 0.28% to hit 1.2562.
Later in the day, the U.S. was to publish a report on initial jobless claims as well as official data on producer price inflation and retail sales. In addition, Federal Reserve Chairman Ben Bernanke was to testify before the Senate Banking Committee in Washington.
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