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Forex - USD/CHF edges higher, Swiss retail sales beat estimates

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Investing.com -

Investing.com - The U.S. dollar edged higher against the Swiss franc on Monday, after the release of upbeat retail sales data from Switzerland as demand for the safe-haven Swissie weakened amid fresh hopes of progress in Ukraine and the Middle East.

USD/CHF hit 0.9066 during European late morning trade, the session high; the pair subsequently consolidated at 0.9062, adding 0.10%.

The pair was likely to find support at 0.9018, the low of July 25 and resistance at 0.9098, the high of August 8.

Official data showed that Swiss retail sales rose 3.4% in June compared to a year earlier, beating expectations for a 0.3% gain. May's figure was revised to a 0.5% fall from a previously estimated 0.6% decline.

Market sentiment improved on Monday following reports Russia ended military exercises it was holding close to the border with Ukraine, but investors were continuing to monitor developments in the region closely.

News of a fresh 72-hour ceasefire between Israel and Hamas in Gaza which came into effect on Sunday also eased concerns over geopolitical instability in the Middle East.

Safe-haven demand also weakened on Friday after the U.S. launched airstrikes in Iraq.

The Swissie was fractionally higher against the euro, with EUR/CHF edging down 0.08% to 1.2133.

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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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