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Forex News: Swiss Franc Advances Amid Risk Aversion

Swiss Franc Advances Amid Risk Aversion

02/06/2023 - 06:35:00 (RTTNews)

(RTTNews) - The Swiss franc climbed against its major counterparts in the European session on Monday amid risk aversion, as strong U.S. jobs data raised worries that the Federal Reserve could keep hiking rates for longer to control inflation.

The jobs report bolstered the case of two more hikes by the Fed and holding rates higher for longer.

The US military shot down a suspected Chinese spy balloon over the Atlantic Ocean, raising geopolitical tensions.

Beijing said it "is paying close attention to the development of the situation" and "reserves the right to make further necessary reactions".

The United States called off a planned visit to Beijing by Secretary of State Antony Blinken.

The franc strengthened to multi-week highs of 142.95 against the yen and 1.1111 against the pound, off its prior lows of 141.93 and 1.1173, respectively. The franc is poised to find resistance around 148.00 against the yen and 1.10 against the pound.

The franc was up against the euro, at a 4-day high of 0.9941. The franc may test resistance around the 0.97 level.

The franc rose to 0.9227 against the greenback, from an early 6-day low of 0.9281. If the franc rises further, it may find resistance around the 0.90 level.

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