- USD / CHF was under modest downward pressure in the American session.
- The US dollar index continues to push lower as risk flows dominate the markets.
- The major Wall Street indices post strong gains after the opening bell.
The pair USD/CHF it rose to a daily high of 0.9003 during European trading hours, but lost its traction with the dollar struggling to find demand in the second half of the day. At time of writing, the pair was down 0.2% on the day at 0.8959.
DXY goes down on Monday
In the absence of significant fundamental drivers, the USD market valuation continues to impact USD / CHF movements. After major Wall Street indices opened decisively higher on Monday, risk flows continue to dominate markets, forcing the USD to remain on the defensive.
So far, the S&P 500 and Nasdaq Composite indices are up 1% and 1.65%, respectively. Meanwhile, the US Dollar Index (DXY) is shedding 0.25% on the day at 89.79.
The only US data revealed on Monday that the Federal Reserve Bank of Chicago’s national activity index fell to 0.24 in April from 1.71 in May.
There will be no further US data releases for the remainder of the day and investors are likely to remain focused on the perception of risk. Cleveland Federal Reserve Chairman Loretta Mester and Atlanta Federal Reserve Chairman Raphael Bostic are scheduled to deliver speeches later in the session.
Technical levels
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