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20 Jul 2020

USD/CHF struggles for direction, flat-lined just below 0.9400 mark

  • USD/CHF lacked any firm direction and seesawed between tepid gains/minor losses on Monday.
  • The USD remained on the defensive amid the continuous surge in coronavirus cases in the US.
  • A rebound in the equity markets undermined the safe-haven CHF and helped limit the downside.

The USD/CHF pair bounced around 20-25 pips during the early North American session, albeit lacked any strong follow-through and struggled to move back above the 0.9400 mark.

A combination of diverging factors failed to provide any meaningful impetus to the major and led to a subdued/range-bound trading action on the first day of a new week. The US dollar remained on the defensive amid concerns that the continuous surge in coronavirus infections would delay the US economic recovery.

This coupled with a fresh leg down in the US Treasury bond yields further undermined the greenback demand and kept a lid on any meaningful positive move for the USD/CHF pair. However, a goodish rebound in the equity markets dented demand for traditional safe-haven currencies, including the Swiss franc, and extended some support.

The USD/CHF pair was last seen hovering in the neutral territory, just below the 0.9400 mark and remains at the mercy of the USD price dynamics. This coupled with the broader market risk sentiment might produce some short-term trading opportunities amid absent relevant market moving economic releases from the US.

Technical levels to watch

 

Jul 20, 2020

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Jul 20, 2020

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