Forexpros – The U.S. dollar extended gains against the Swiss franc on Monday, as investors grew more cautious over a plan to tackle the euro-zone debt crisis, following remarks by German Finance Minister Wolfgang Schaeuble.
USD/CHF hit 0.8972 during European late morning trade, the daily high; the pair subsequently consolidated at 0.8770, gaining 0.61%.
The pair was likely to find support at 0.8701, the low of September 21 and resistance at 0.9110, the high of October 12.
Speaking earlier, Schaeuble said the upcoming European Union summit on October 23 would not yield a definitive solution to the financial crisis in the euro zone. His remarks came after German Chancellor Angela Merkel said “the dream of resolving all problems at the EU summit” was impossible.
Over the weekend, European financial ministers pledged to their G-20 counterparts to formulate a comprehensive plan to restructure Greek debt, recapitalize European banks and bolster the euro zone’s bailout fund ahead of a meeting of G-20 leaders early next month.
The Swissie was almost unchanged against the euro, with EUR/CHF inching up 0.01% to hit 1.2378.
Later in the day, the U.S. was to publish official data on industrial production, as well as a report on manufacturing activity in New York state.
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