The USD/CHF pair has once again slipped towards the 0.8560 level, reversing its recovery from a multi-year low observed on Friday. Traders are now on the lookout for additional cues to bolster the U.S. Dollar’s rebound as the European session commences on Monday. The lack of significant incentives has led traders to reassess the previous day’s corrective bounce, particularly due to mixed U.S. data, a sluggish market sentiment, and a two-week communication blackout for Fed policymakers leading up to the July monetary policy meeting.
The U.S. Dollar Index is facing challenges in maintaining its two-day recovery from a 15-month low, as it clings to mild gains near 99.95 at the moment. The gauge of the greenback managed to recover from its multi-month low following the release of the preliminary reading of the University of Michigan’s (UoM) Consumer Confidence Index and Consumer Inflation Expectations for July. Moreover, the hawkish remarks from Fed Governor Christopher Waller also contributed to the corrective bounce.
However, it is crucial to note that the ongoing Fed blackout, coupled with mixed headlines about China’s bond market activity in Asia, mainly due to Japan’s holiday, has constrained recent movements in USD/CHF. This scenario allows traders to reconsider the earlier hawkish sentiment surrounding the U.S. Federal Reserve, which was fueled by Friday’s data and comments from Fed’s Waller.
Additionally, concerns about the Swiss National Bank (SNB) maintaining a hawkish stance, contrary to the mixed expectations regarding the Fed’s next moves, have added further downward pressure on the USD/CHF price.
USD/CHF Short (Sell)
Enter At: 0.85019
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