USD/CHF struggles to climb above 0.9000 in quiet day

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  • USD/CHF moves sideways below 0.9000 following Friday’s rebound.
  • US Dollar Index holds around mid-90.00s ahead of key events.
  • Wall Street’s main indexes look to open little changed.

After closing the first four days of the previous week in the negative territory, the USD/CHF pair staged a rebound on Friday and inched close to 0.9000. After testing that level earlier in the day, however, the pair struggled to preserve its momentum and was last seen posting small daily gains at 0.8985.

DXY stays in a consolidation phase on Monday

In the absence of high-tier macroeconomic data releases and fundamental developments, major pair are having a difficult time making a decisive move in either direction. Reflecting the subdued market action, the US Dollar Index (DXY) is moving sideways around 90.50, where it closed on Friday.

The next data that could potentially impact the USD’s valuation will be Tuesday’s May Retail Sales report from the US. Nevertheless, investors could opt-out to remain on the sidelines while waiting for the FOMC to announce its policy decision and release the updated Summary of Economic Projections on Wednesday. 

US May Retail Sales Preview: Analyzing major pairs’ reaction to previous releases.

On the other hand, the Swiss State Secretariat for Economic Affairs (SECO) will publish its Economic Forecasts on Tuesday.

Technical levels to watch for

 

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