USD/CHF failed to capitalize on its early uptick amid a broad-based USD weakness. The USD bulls failed to gain any respite from Thursday’s mixed US macro releases. Worsening US-China relations benefitted the safe-haven CHF and weighed further. The upbeat mood in the equity markets helped limit deeper losses, at least for now. The USD/CHF pair retreated around 40 pips from the mid-European session swing high and refreshed daily lows, around the 0.9680 region in the last hour. The pair failed to capitalize on its attempted intraday positive move, instead met with some fresh supply near the 0.9720 region amid some renewed US dollar selling bias. The already weaker sentiment surrounding the greenback deteriorated further after the first revision of the US GDP came in to show a contraction of 5.0% in the January-March period as compared to 4.8% estimated previously. The dismal GDP print was accompanied by slightly higher-than-expected Initial Weekly jobless claims, which showed over 2.1 million Americans filed for unemployment-related benefits during the week ending May 23rd. Separately, Durable Goods Orders slumped by 17.2% MoM in April. The reading was better than consensus estimates, albeit did little impress bulls or provide any immediate respite to the USD. Apart from a broad-based USD weakness, concerns about a further escalation in diplomatic tensions between the United States and China further benefitted the Swiss franc’s perceived safe-haven status. However, the upbeat market mood around the equity markets, supported by the optimism over a potential COVID-19 vaccine and hopes of a global economic recovery, might help limit deeper losses for the pair. Looking at the broader picture, the USD/CHF pair has been oscillating well within a broader trading range since the beginning of May. This makes it prudent to wait for a sustained breakthrough in either direction before traders start positioning for the pair’s near-term trajectory. 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 UK’s Frost: Fisheries is an area of real difficulty FX Street 3 years USD/CHF failed to capitalize on its early uptick amid a broad-based USD weakness. The USD bulls failed to gain any respite from Thursday’s mixed US macro releases. Worsening US-China relations benefitted the safe-haven CHF and weighed further. The upbeat mood in the equity markets helped limit deeper losses, at least for now. The USD/CHF pair retreated around 40 pips from the mid-European session swing high and refreshed daily lows, around the 0.9680 region in the last hour. The pair failed to capitalize on its attempted intraday positive move, instead met with some fresh supply near the 0.9720 region amid some… 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.
