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Forex - USD/CHF edges higher on SNB intervention talk

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Forexpros - The U.S. dollar edged higher against the Swiss franc on Monday, amid growing speculation that the Swiss National Bank may conduct a fresh intervention to rein in the Swissie's gains.

USD/CHF hit 0.7906 during European late morning trade, the daily high; the pair subsequently consolidated at 0.7859, rising 0.09%.

The pair was likely to find support at 0.7768, the low of August 16 and resistance at 0.7988, the high of August 18.

Earlier in the day, Swiss daily newspaper SonntagsZeitung reported that the Swiss Cabinet expects the SNB to set an exchange-rate target of at least 1.2 francs per euro, without identifying a source for the information.

Meanwhile, Swiss President Micheline Calmy-Rey said an "energetic" approach was needed to curb the rise of the Swiss franc, adding that the cabinet saw the franc as "clearly overvalued."

The Swiss franc was also lower against the euro, with EUR/CHF rising 0.32% to hit 1.1341.

The Swiss franc remained supported amid renewed concerns over the sovereign debt crisis in the euro zone after Germany reiterated its opposition to issuing a common euro zone bond earlier and amid ongoing fears over the outlook for global growth.

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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.

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