- USD/CHF advances from earlier lows around 0.9100.
- Risk-averse investors shy away from the safe-haven Swiss franc.
- Swiss Consumer Confidence data eyed for fresh traction.
The Swiss franc depreciates further against its counterpart USD and lifts the USD/CHF pair to fresh multi-day highs near 0.9120 in the Asain session. The prices quickly recovered from the lows of 0.9103 and touched the intraday highs of 0.9118.
USD/CHF advances for the third consecutive session on the back of further selling bias around the Swiss franc as investors’ risk-appetites improve on upbeat global economic recovery prospects.
At the time of writing, the USD/CHF pair is trading at 0.9116, up 0.08% on the day.
The move was exclusively sponsored by the depreciation in the demand for the safe-haven asset in the wake of improved economic conditions across regions. The US dollar index (DXY), which tracks the movement of the greenback, remains depressed near 91. The index remained unaffected after the FOMC Chairman Jerome Powell delivered a much-anticipated speech on US economic progress on Monday, as he said “Economy is not out of the woods yet but is now making real progress”.
In the meantime, the focus of attention will be on the Swiss Consumer Confidence data, which declined to -14.6 in Q1 2021. Apart from that, investors should keep their eyes on the US Balance of Trade for March, Monthly Factory Orders, and IBD/TIPP Economic Optimism in May for fresh trade impetus.
USD/CHF additional level
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