- USD / CHF reverts after approaching 0.9100.
- Dollar weakness drives pair lower, which is approaching weekly lows.
The USD / CHF extended its strong intraday retracement and fell as low as 0.9035, reaching the lowest level since Wednesday. It is approaching the weekly floor located at 0.9030.
The pair was unable to capitalize on its initial rise, but instead witnessed a dramatic intraday trend reversal from around 0.9100 amid the emergence of widespread dollar weakness.
The positive climate in the stock markets is playing against the dollar. There is a modest expectation of agreement in the US for more fiscal stimulus, the presidential debates are over, and there is optimism about advances in the vaccine and treatment for COVID-19.
The Swiss franc for its part remains firm. He EUR / CHF is trading in negative territory for the day, although always above 1.0700. The Eurozone data did not generate major changes.
The inability of USD / CHF to attract any buying interest supports the prospects for an extension of the ongoing decline. Therefore, some subsequent weakness towards the weekly lows, around the 0.9025 region, would put the pair on track towards 0.9000.
Credits: Forex Street
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
