“¢ The USD comes under some renewed selling pressure on Thursday.
“¢ Softer US economic data does little to ease the USD bearish pressure.
“¢ Focus now shifts to Friday’s important release of the US jobs report.
The USD/CHF pair held on to its weaker tone through the early North-American session and is currently placed at the lower end of its daily trading range, just above the 0.9900 handle.
The pair failed to capitalize on the overnight goodish rebound from nearly five-month lows and met with some fresh supply near the very important 200-day SMA support break-point, now turned resistance amid some renewed US Dollar selling bias.
Investors remain convinced that the Fed will eventually move to cut interest rates by the end of this year, which coupled with the post-ECB spike in the shared currency and weaker US economic data kept exerting some downward pressure on the greenback.
Meanwhile, the prevailing positive trading sentiment around equity markets, which tends to undermine demand for the Swiss Franc’s relative safe-haven demand, helped limit further downside, at least for the time being.
Investors might also refrain from placing any aggressive bets ahead of Friday’s important release of the closely watched US monthly jobs report – popularly known as NFP, which might help determine the pair’s next leg of a directional move.
Technical levels to watch
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