USD/CHF flirts with session lows, around 0.9175-70 region

The USD/CHF pair maintained its offered tone through the early North American session and was last seen hovering near daily lows, around the 0.9170 re  |  01/10/2020 14:15
  • USD/CHF came under some renewed selling pressure on Thursday amid weaker USD.
  • The upbeat market mood undermined the safe-haven CHF and helped limit the slide.

The USD/CHF pair maintained its offered tone through the early North American session and was last seen hovering near daily lows, around the 0.9170 region.

The pair failed to capitalize on the previous day's modest rebound from one-week lows, instead met with some fresh supply on Thursday and was being pressured by a weaker tone surrounding the US dollar. Despite the overnight conflicting messages, the latest optimism over the next round of the US fiscal stimulus measures dented the greenback's status as the global reserve currency.

The USD remained on the defensive and largely shrugged off a strong pickup in the US Treasury bond yields. Even better-than-expected US economic releases – Initial Weekly Jobless Claims and core PCE price index – failed to impress bulls. However, the prevalent upbeat market mood undermined the safe-haven Swiss franc and helped limit any deeper losses for the USD/CHF pair.

Thursday's US economic docket also features the release of the ISM Manufacturing PMI. The data, however, might pass unnoticed as the focus remains on Friday's release of the closely watched US monthly jobs report (NFP). This makes it prudent to wait for some follow-through selling before positioning for any further near-term depreciating move.

Technical levels to watch

 

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