Forex News: Swiss Franc Rises Despite Russia-Ukraine Peace Deal Hopes

Swiss Franc Rises Despite Russia-Ukraine Peace Deal Hopes

(RTTNews) - The safe-haven Swiss franc strengthened against other major currencies in the European session on Tuesday, despite expectations for a peace agreement between Russia and Ukraine.

Market hope of a Russia - Ukraine peace deal after U.S. President Donald Trump described his meeting with Ukrainian President Volodymyr Zelenskyy and several other European leaders as "very good".

Trump also said that he's begun arranging a meeting between Zelenskyy and Russian President Vladimir Putin within the next couple of weeks.

Zelenskyy said he is open to "any format" of talks and would decide on the trilateral meeting based on how the first round goes.

In the European trading today, the Swiss franc rose to a 4-day high of 0.9407 against the euro, from an early low of 0.9422. The franc is likely to find resistance around the 0.93 region.

Against the yen and the pound, the franc advanced to 6-day highs of 183.42 and 1.0889 from early lows of 182.78 and 1.0909, respectively. If the franc extends its uptrend, it is likely to find resistance around 186.00 against the yen and 1.07 against the pound.

The franc advanced to a 4-day high of 0.8048 against the U.S. dollar, from an early 4-day low of 0.8086. On the upside, 0.79 is seen as the next resistance level for the franc.

Looking ahead, Canada CPI data in July, U.S. building permits for July, housing starts for July and U.S. Redbook reports are slated for release in the New York session.

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