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26 Feb 2018

USD/CHF recovers majority of the early lost ground, back around mid-0.9300s

   •  USD weighed down by sliding US bond yields.
   •  Risk-on mood helps limit further downside.
   •  US data/Fedspeak eyed for fresh impetus.

The USD/CHF pair traded with a mild negative bias through the mid-European session but has managed recover majority of its early lows ground, closer to Friday's swing lows. 

The pair came under some fresh selling pressure at the start of a new trading week and was being weighed down by some renewed weakness surrounding the US Dollar, led by sliding US Treasury bond yields. 

With investors now turning skeptic over possibilities of more than three Fed rate hike moves in 2018, the recent USD rebound from three year low already seems to have run out of steam and eventually exerted some downward pressure on the major. 

However, a positive trading sentiment around equity markets, pointing to improving investors' appetite for riskier assets, was seen denting the Swiss Franc's safe-haven appeal and helped limit deeper losses and helped the pair to bounce off around 25-pips from session lows. 

Traders now look forward to the release of new home sales data from the US and a scheduled speech by the Fed Governor Randal Quarles for some fresh impetus. The key focus, however, would remain on the new Fed Chair Jerome Powell's first congressional testimony on Tuesday, which would help investors determine the pair's next leg of directional move.

Technical levels to watch

Any subsequent up-move is likely to confront some fresh supply near the 0.9390-0.9400 region, above which the pair seems all set to head towards testing its next major hurdle near the 0.9455-60 zone. 

On the flip side, weakness below 0.9325-20 immediate support might now turn the pair vulnerable to break below the 0.9300 handle and head towards testing its next support near the 0.9265-60 region.
 

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