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3 Aug 2021

USD/CHF remains poised to extend losses below 0.9050 amid risk-aversion

  • USD/CHF continues with the downside momentum on Tuesday.
  • US Dollar Index remains steady at 92.00 despite softer economic data.
  • The Swiss franc remains in demand amid market uncertainty on its safe-haven appeal.

USD/CHF remains muted in the Asian trading session on Tuesday. The pair hovers in a narrow trade band with no meaningful traction.

At the time of writing, USD/CHF is trading at 0.9054, up 0.01% for the day.

The US dollar index trades at 92.05, with 0.02 losses in the Asia-pacific timings. The greenback remains under selling pressure after the Fed’s less hawkish tone and the mixed economic data.

The US ISM Manufacturing Purchase Manager Index (PMI) fell to 59.5 in July, below the market forecasts of 60.9, the weakest reading in the previous six months. The labor challenge and transport inefficiencies were identified as major factors to obstacle the growth.

On the other hand, the Swiss franc gained on its mixed economic data.

The Switzerland Manufacturing PMI rose 71.1 in July from the previous 66.7 in June whereas the Retail Sales edged higher marginally 0.1%  in June on a yearly basis, following a 2.8% jump in May.

As for now, traders are waiting for the US Factory Orders and Fed’s Bowman speech to gauge the market sentiment.

USD/CHF additional levels

 

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