Investing.com - The U.S. dollar rose to near two-week highs
against the Swiss franc on Wednesday, as concerns over the
financial situation in the euro zone and ongoing political
uncertainty in Italy boosted demand for the safe haven greenback.
USD/CHF hit 0.9514 during European morning trade, the pair's
highest since March 14; the pair subsequently consolidated at
0.9520, rising 0.43%.
The pair was likely to find support at 0.9472, Tuesday's low and
resistance at 0.9533, the high of March 13.
Markets were jittery amid fears the bailout deal for Cyprus could
set a precedent for future bailouts in larger euro zone states with
troubled financial sectors, with bank depositors and bond holders
forced to foot the bill.
Elsewhere, talks in Italy aimed at forming a coalition government
continued after general elections in late February resulted in a
political stalemate, amid growing concerns that the country may
have to return to the polls.
In Switzerland, the KOF Economic Research Agency said its economic
barometer declined to 0.99 in March, from a reading of 1.04 the
previous month. Analysts had expected the index to tick down to
1.02 this month.
The Swissie was higher against the euro with EUR/CHF slipping
0.13%, to hit 1.2178.
Later in the day, the U.S. was to produce industry data in pending
home sales and a government report on crude oil stockpiles.
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