Doubts over further US-China trade talks, sluggish China PMI, triggered CNY drop to the record high. The resultant flow off the markets extended the previous risk-aversion, dragging treasury yields to multi-month low. With the market’s rush towards risk safety, the USD/CHF pair flashes fresh five-week low as it trades near 0.9788 on early Monday. Not only China’s vow to “defend the country’s interests” after the US President Donald Trump’s fresh tariffs, but the news headlines from the dragon nation raising doubts over further trade talks between the world’s top two countries also dragged the Chinese Yuan (CNY) down and favored risk aversion wave. Supporting the downside momentum was weaker than expected prints of China’s Caixin Services Purchasing Managers’ Index (PMI) data for July. It should also be noted that Iran’s seizure of third oil tanker in a month and growing speculations of no-deal Brexit also played their part to propel the safe-havens like the Japanese Yen (JPY), Gold and the Swiss Franc (CHF). With this, global treasury yields extended their previous south-run wherein the US 10-year yields decline more than eight basis points to 1.768% whereas Germany’s 30-year bonds yields slumped to below 0.0% for the first time in record. While trade/political plays can keep playing background music for the market, US Markit Services PMI and ISM Non-Manufacturing PMI stand tall to perform their duty on the economic calendar. Technical Analysis Not only June 24 high near 0.9785 but 0.9770 also can limit the pair’s decline towards January month low of 0.9715. Alternatively, early-June low surrounding 0.9855 and July 31 low of 0.9885 may please buyers during the pullback. 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 WTI technical analysis: Fades spike to $55.50, eyes bigger drop on bear flag breakdown FX Street 4 years Doubts over further US-China trade talks, sluggish China PMI, triggered CNY drop to the record high. The resultant flow off the markets extended the previous risk-aversion, dragging treasury yields to multi-month low. With the market's rush towards risk safety, the USD/CHF pair flashes fresh five-week low as it trades near 0.9788 on early Monday. Not only China's vow to "defend the country's interests" after the US President Donald Trump's fresh tariffs, but the news headlines from the dragon nation raising doubts over further trade talks between the world's top two countries also dragged the Chinese Yuan (CNY) down and favored… 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.