Forex - USD/CHF higher amid Spain worries

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Investing.com - The U.S. dollar was higher against the Swiss franc on Monday, as political turmoil in Spain dampened market sentiment, although last week's upbeat euro zone data continued to support.

USD/CHF hit 0.9110 during European morning trade, the pair's highest since January 31; the pair subsequently consolidated at 0.9106, rising 0.34%.

The pair was likely to find support at 0.9076, the session low and resistance at 0.9121, the high of January 31.

Sentiment weakened as Spanish Prime Minister Mariano Rajoy faced calls to resign, following corruption allegations against him and senior officials in the ruling Popular Party.

Prime Minister Rajoy strongly denied the corruption allegations in a statement on Saturday.

Markets were also jittery after French Finance Minister Pierre Moscovici warned that the euro was too strong following its recent rally.

But investor confidence remained supported after data on Friday showed that manufacturing activity in the euro zone improved in January, while inflation and unemployment stabilized, underlining the view that the crisis in the region has turned a corner.

Elsewhere, the Swissie was fractionally higher against the euro with EUR/CHF inching down 0.07%, to hit 1.2374.

Later in the day, the U.S. was to release official data on factory orders.


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This article appears in: Investing , Forex and Currencies

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