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13 Mar 2020

USD/CHF climbs higher toward 0.9550, adds more than 200 pips for the week

  • Broad USD strength allows the pair to preserve its bullish momentum. 
  • US Dollar Index gains 2.6% on a weekly basis.
  • Swiss government sets up $10.5 billion coronavirus aid package.

After retreating 0.9500 area during the early trading hours of the American session, the USD/CHF pair gained traction and was last seen trading at 0.9545, adding 1.15% on a daily basis.

USD looks to finish the week on a strong footing

The broad-based USD strength in the second half of the day provided a boost to the pair. The US Dollar Index (DXY), which moved sideways near 97.50 for the majority of the day, pushed higher and advanced to its best level in two weeks at 98.78. At the moment, the index is up 1.1% on the day at 98.55 and looks to add 2.6% for the week.

Meanwhile, the strong performance of major European equity indexes made it difficult for the CHF to find demand. With investors eagerly waiting for the US to announce its coronavirus economic relief packaged, Wall Street's main indexes are also up around 4% on the day to reflect the upbeat mood. 

On the other hand, Switzerland's government on Friday announced that it will make $10.5 billion available in immediate assistance to battle the negative impact of the coronavirus on the economy.

Technical levels to watch for

 

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