Forexpros – The U.S. dollar held on to modest gains against the Swiss franc on Thursday, as investors remained watchful ahead of a critical euro zone summit meeting later in the day.
USD/CHF hit 0.8237 during European early afternoon trade, the daily high; the pair subsequently consolidated at 0.8220, rising 0.26%.
The pair was likely to find support at 0.8119, the low of July 15 and resistance at 0.8277, the high of July 19.
Market sentiment was bolstered earlier after France and Germany announced that they had reached a joint agreement on how to deal with the Greek debt problem. Details of the deal were to be outlined at a summit of all 17 euro zone leaders later Thursday.
Elsewhere, a report earlier showed that economic sentiment in Switzerland dropped significantly in July, falling to the lowest level since January 2009, as concerns over the record strength of the franc and the ongoing sovereign debt crisis in the euro zone weighed.
Meanwhile, the Swiss franc was fractionally higher against the euro, with EUR/CHF dipping 0.04% to hit 1.1649.
Also Thursday, official data showed that Switzerland’s trade surplus contracted more-than-expected in June, as an increase in exports outpaced a rise in imports.
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