- USD / CHF retreats after failing to hold above 0.8915 and marks the lowest since Thursday.
- Dollar weakness keeps USD / CHF under pressure.
USD / CHF continued to lose ground during the European session and fell to lows since Thursday, around the 0.8870-65 region. It is trading around 0.8875, trying to cut losses, but the downward pressure is still present.
Previously, USD / CHF failed to confirm above 0.8915, which favored the beginning of the pullback. A fall in the dollar was the main factor behind the movement in the pair. Even despite the rise in stocks, the Swiss franc continued to record highs against the dollar. The Swiss currency even erased the day’s losses against the euro in recent hours.
The expectation for the measures of Joe Biden, who will assume the presidency on Wednesday coupled with optimism over the advance of COVID-19 vaccination and China’s economic outlook, are supporting investors’ mood. The rise in the yield of Treasury bonds is one of the factors that may be limiting the weakness of the dollar in the market.
Looking ahead to the next few hours, among the important events will be the confirmation hearing of the candidate for Secretary of the United States Treasury, Janet Yellen, on a Senate committee. Your words could have some impact on the market.
Technical levels
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