- USD/CHF is trading in a tight range on Monday.
- US Dollar Index fluctuates above 93.00 ahead of American session.
- Trading action is likely to remain subdued in the second half of the day.
After closing the second straight week in the negative territory, the USD/CHF pair seems to have gone into a consolidation phase amid a lack of significant market drivers on Monday. As of writing, the pair was up 0.07% on a daily basis at 0.9107.
DXY stages modest rebound on Monday
Over the weekend, House Speaker Nancy Pelosi announced that they have rejected Republicans’ $1.8 trillion coronavirus relief bill proposal. This development seems to be helping the greenback stay resilient against its rivals at the start of the new week.
The US Dollar Index (DXY), which lost 0.8% last week, is currently posting modest daily gains at 93.16. American markets will be closed due to the Columbus Day holiday on Monday and Wall Street’s won’t be able to provide a fresh insight into risk sentiment. Meanwhile, major European equity indexes trade mixed on Monday, confirming that risk flows are struggling to dominate financial markets.
On Tuesday, the Consumer Price Index (CPI), IBS/TIPP Economic Optimism and NFIB Business Optimism Index data will be featured in the US economic docket.
Technical levels to watch for
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