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Forex - USD/CHF almost unchanged, near 2-week highs in subdued trade

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Investing.com - The U.S. dollar was almost unchanged against the Swiss franc in subdued trade on Tuesday, hovering near two-week highs as Cyprus optimism supported sentiment although fears future euro zone bank rescues could impose a burden on depositors weighed.

USD/CHF hit 0.9504 during European morning trade, the pair's highest since March 14; the pair subsequently consolidated at 0.9488, easing up 0.03%.

The pair was likely to find support at 0.9438, the low of March 21 and resistance at 0.9533, the high of March 13.

Markets were jittery after the head of the Eurogroup, Jeroen Dijsselbloem, said on Monday that the rescue program agreed for Cyprus represents a new model for resolving euro zone banking problems and other countries may have to restructure their banking sectors.

He later appeared to backtrack, saying Cyprus was a specific case with exceptional challenges.

Early Monday, euro zone finance ministers rubber stamped a EUR10 billion international bailout for Cyprus that will see the closure of the country's second largest lender Laiki Bank and inflict heavy losses deposits of more than EUR100,000.

The Swissie was fractionally lower against the euro with EUR/CHF edging 0.11% higher, to hit 1.2206.

Later in the day, the U.S. was to release government reports on durable goods orders and new home sales as well as a report on consumer confidence.

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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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