USD/CHF gained traction on Tuesday and built on the overnight bounce from four-week lows. A modest pickup in the USD demand was seen as one of the key factors driving the pair higher. Concerns about rising coronavirus cases dented the global risk sentiment and might cap gains. The USD/CHF pair edged higher through the early European session and was last seen trading near the top end of its daily trading range, around the 0.9435-40 region. The pair once again showed some resilience below the 0.9400 round-figure mark and staged a modest bounce from four-week lows on Monday. The uptick was sponsored by a pickup in the US dollar demand following the release of the US ISM Non-Manufacturing PMI for June. The data added to last week’s stellar US monthly jobs report and indicated that the US economy might have already started to recover. This coupled with a strong rally in the US equity markets undermined demand for the safe-haven Swiss franc and remained supportive of the overnight bounce. The momentum extended through the first half of the trading action on Tuesday, helping the USD/CHF pair to snap five consecutive days of the losing streak and seemed rather unaffected by a slight deterioration in the global risk sentiment amid concerns about the second wave of coronavirus infections. Investors remain concerned that the ever-increasing number of new COVID-19 cases could trigger renewed lockdown measures and once again put brakes on the economic activity. This, in turn, is expected to delay economic recovery and keep a lid on any optimism. The market worries were evident from a fresh leg down in the equity markets, which warrants some caution for bullish traders. There isn’t any major market-moving economic data due for release on Tuesday. Hence, it will be prudent to wait for some strong follow-through buying before confirming that the USD/CHF pair might have bottomed out in the near-term and positioning for any further recovery move. Technical levels to watch FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Japan’s Nishimura: Will use domestic demand to revive economic growth after April-May decline FX Street 3 years USD/CHF gained traction on Tuesday and built on the overnight bounce from four-week lows. A modest pickup in the USD demand was seen as one of the key factors driving the pair higher. Concerns about rising coronavirus cases dented the global risk sentiment and might cap gains. The USD/CHF pair edged higher through the early European session and was last seen trading near the top end of its daily trading range, around the 0.9435-40 region. The pair once again showed some resilience below the 0.9400 round-figure mark and staged a modest bounce from four-week lows on Monday. The uptick was… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
