- USD / CHF is trading in a tight range after posting losses last week.
- The US Dollar Index remains on the defensive Monday.
- Trading action is likely to remain subdued in the second half of the day.
The pair USD/CHF It lost nearly 90 pips last week and appears to be struggling to rebound on Monday. At time of writing, the pair was virtually unchanged on the day at 0.8909.
DXY remains bearish below 90.50
The current USD weakness keeps the USD / CHF rally limited to the beginning of the week. The US Dollar Index (DXY), which lost 0.7% last week, is posting small daily losses near 90.30 on Monday as upbeat market sentiment does not allow the safe-haven dollar to attract investors.
Reflecting the positive risk environment, the UK Euro Stoxx 50 and FTSE 100 indices are up 1% and 1.6%, respectively.
No macroeconomic data will be released on the US economic record and equity markets will close due to the Presidents Day holiday, suggesting that trading action will likely remain subdued during the US session.
The next potential catalyst for USD / CHF will be the US Retail Sales data and Minutes from the February FOMC meeting on Wednesday. Investors expect January retail sales to rise 1% after declining 0.7% in December and a better-than-expected reading could help the dollar rebound against its main rivals.
Technical levels
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