Forex Pros – The U.S. dollar slipped to a daily low against the Swiss franc on Monday, as the arrest of International Monetary Fund chief Dominique Strauss-Kahn on sexual assault charges added to existing uncertainty about the euro zone debt crisis.
USD/CHF hit 0.8874 during European late morning trade, the daily low; the pair subsequently consolidated at 0.8888, shedding 0.43%.
The pair was likely to find short-term support at 0.8797, Friday’s low and resistance at 0.8946, Friday’s high and a three-week high.
Euro zone finance ministers were to meet later in the day to discuss further support for Greece which is struggling to meet the terms of a EUR110 billion European Union/IMF bailout last year.
Also on the agenda was the approval of EUR78 billion in aid for Portugal but the situation was complicated by the weekend arrest of Mr. Strauss-Kahn, with analysts concerned about the impact of his absence from the meeting.
The Swissie was also up against the euro, with EUR/CHF shedding 0.45% to hit 1.2545.
Also Monday, the U.S. was to publish official data on manufacturing activity in New York state, while Federal Reserve Chairman Ben Bernanke was to speak.
ForexPros.com
