The Swiss franc dropped against its major counterparts in the European session on Tuesday, amid a rebound in the U.S. dollar on the first trading day of the year.

Investor sentiment improved on the prospects of interest rate cuts from the Federal Reserve early this year.

Market participants awaited a slew of economic data due this week for more clues on the Fed rate outlook.

Key economic data due this week include ADP employment, nonfarm payrolls, factory orders, ISM manufacturing and services PMIs.

The Fed will release the minutes of the December meeting on Wednesday. The Fed projected three quarter-point rate cuts this year following the meeting.

The franc fell to 6-day lows of 0.8487 against the greenback and 166.97 against the yen, off its early highs of 0.8405 and 167.72, respectively. The currency may possibly face support around 0.90 against the greenback and 162.00 against the yen.

The franc touched 1.0787 against the pound, setting a 5-day low. The franc is seen finding support around the 1.12 level.

The franc edged down to 0.9339 against the euro, from an early high of 0.9286. The franc is poised to challenge support around the 0.97 level.

Looking ahead, U.S. construction spending for November will be released in the New York session.

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