Forex Pros – The U.S. dollar slipped against the Swiss franc on Tuesday, as crude oil prices remained well supported by U.S. led air strikes in Libya, fanning concerns over the impact of higher energy costs on the U.S. economy.
USD/CHF hit 0.9011 during European morning trade, the daily low; the pair subsequently consolidated at 0.9028, sliding 0.18%.
The pair was likely to find support at 0.8895, the low of March 15, and the all-time low and short-term resistance at 0.9089, last Friday’s high.
Earlier in the day, crude oil prices were steady, after surging about 1% on Monday amid concerns over a prolonged disruption to supplies from Libya, while escalating tensions in Bahrain and Yemen stoked fears that unrest could spread to Saudi Arabia, the world’s top oil producer.
Also Tuesday, official data showed that Swiss exports remained robust in February, despite the strength of the Swiss franc.
The Federal Statistics Office said the trade surplus widened to CHF2.49 billion in February, more than the CHF 2.13 billion forecast surplus. The report said that exports rose by 4.2% in February, while imports increased by 0.3%.
The Swissie was also up against the euro, with EUR/CHF dipping 0.05% to hit 1.2862.
Later in the day, the Chairman of the Swiss National Bank Philipp Hildebrand was to speak in Geneva.
ForexPros.com
