USD/CHF steady on positive territory

US dollar traded on higher levels against the Swiss franc on Monday, while situation with Syria still supported safe haven demand for the greenback.

USD/CHF hit a session high at 0.9335 at 0:20 GMT, after which the pair consolidated at 0.9322, up by 0.17% for the day. Support was likely to be found in the area 0.9300-0.9320, while resistance was to be encountered in the 0.9330-0.9350 zone.

Fears of a possible military intervention by the United States and its allies in Syria chilled to a certain extent, as US President Barack Obama said on August 31st that he will seek Congress’s approval before embarking on a military campaign in Syria. However, the Secretary of State John Kerry said on Friday that the United States would punish Syria’s President Bashar al-Assad for the “brutal and flagrant” chemical weapons attack, which killed almost 1 500 people in the city of Damascus. Kerry also said in front of CNN on September 1st, that the United States had proof that poisonous sarin gas was used in the chemical attack on Syrian civilians near Damascus in August.

Meanwhile, earlier in the day the Schweizerischer Verband für Materialwirtschaft und Einkauf (SVME) said that its Purchasing Managers Index (PMI) came in at 54.6 in the month of August, down from a reading of 57.4 in July, while experts had anticipated that the index will slow down less, to a value of 56.0. Swiss PMI remained still in the zone above the key level of 50.0, indicating that activity in manufacturing sector has increased.

Elsewhere, the franc was lower against the euro and the sterling, with EUR/CHF cross added 0.18% on a daily basis to trade at 1.2322 at 11:50 GMT. GBP/CHF pair was gaining 0.72% today to trade at 1.4527 at 11:50 GMT.