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Forex - Dollar hovering just above all-time low vs. Swiss franc

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Forex Pros - The U.S. dollar was hovering just above an all-time low against the Swiss franc on Monday, as expectations for slower U.S. growth and concerns over a possible restructuring of Greek sovereign debt supported demand for the safe haven franc.

USD/CHF hit 0.8532 during European late morning trade, the daily high; the pair subsequently consolidated at 0.8494, easing up 0.04%.

The pair was likely to find short-term support at 0.8461, Friday's low and the pair's all-time low and resistance at 0.8662, Friday's high.

Later in the week, European Union and International Monetary Fund officials were expected to deliver a report on Greece's attempts to meet fiscal targets under its bailout plan.

Prime Minister George Papandreou has failed to win backing from the opposition to adopt fresh austerity steps, fuelling concerns over whether Greece will receive its next tranche of bailout loans.

Meanwhile, concerns over the outlook for U.S. growth continued after Friday's disappointing data on U.S. pending home sales and customer spending underlined the view that the Federal Reserve is unlikely to tighten policy for some time to come.

Elsewhere, the Swissie was up against the euro, with EUR/CHF slipping 0.16% to hit 1.2136.

Liquidity was relatively thin as U.K. markets remained closed for the Spring Bank Holiday, while U.S. markets were to stay closed for Memorial Day.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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