Forex Pros – The Swiss franc rose against the U.S. dollar on Monday, hitting a fresh daily high after rating agencies reportedly said warnings from Hungarian officials last week raised questions about the country's fiscal outlook. USD/CHF hit a fresh daily low of 1.1672; the pair subsequently consolidated at 1.1611, shedding 0.13%. The pair was likely to find support at 1.1420, Friday’s low, and resistance at 1.1730, last Tuesday’s high. Earlier in the day, Moody's said comments made by officials in Hungary's new government suggesting the country was close to a Greek-style economic crisis came at "a delicate time" for global markets, Reuters reported. The news agency also quoted the director of Fitch Ratings' emerging Europe sovereigns, David Heslam, as saying the comments would not affect Hungary's funding options but ultimately played into a "key ratings driver." The Swissy was up against the euro, meanwhile, with EUR/CHF shedding 0.46% to hit 1.3854. Later Monday, the Fed was due to release a report on U.S. consumer credit, an important signal of consumer confidence. The chairman of the Federal Reserve, Ben Bernanke, was also due to speak at an event in Washington D.C. Traders were likely to scrutinize his comments for clues to future shifts in monetary policy.

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