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6 Mar 2020

USD/CHF slips below 0.9400 mark for the first time since March 2018

  • USD/CHF remained under some heavy selling pressure amid persistent USD weakness.
  • A plunge in the US bond yields, Fed rate cut speculations weighed heavily on the buck.
  • Investors now eye US monthly jobs report for some immediate respite to the USD bulls.

The USD/CHF pair tumbled to fresh two-year lows in the last hour, with bears now looking to extend the momentum further below the 0.9400 round-figure mark.

The pair extended its relentless slide and remained under some heavy selling pressure on the last trading day of the week – marking the sixth day of a negative move in the previous seven amid strong anti-risk flows.

Bears remain in control amid coronavirus jitters

The coronavirus-led selloff across global equity markets forced investors to take refuge in the so-called safe-haven assets, which provided a goodish lift to the Swiss franc and continued exerting pressure on the pair.

The pair was further pressurized by persistent selling bias surrounding the US dollar – aggravated by collapsing US Treasury bond yields and increasing odds of another 50 bps rate cut by the Fed on March 18.

Meanwhile, the ongoing bearish trajectory seemed rather unaffected by extremely oversold conditions on short-term charts, though warrant some caution before positioning for any further depreciating move.

Moving ahead, market participants now look forward to the release of the closely watched US monthly jobs report (NFP), for some immediate respite for the USD bulls later during the early North-American session.

Technical levels to watch

 

Mar 6, 2020

South Korea: Coronavirus infects job market – Standard Chartered

South Korea will release seasonally adjusted (SA) unemployment data for February on 11 March and in the opinion of economists at Standard Chartered Ba
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Mar 6, 2020

EUR/USD picks up pace, now eyes 1.1330/70 – UOB

FX Strategists at UOB Group highlighted the upbeat mood in EUR/USD and noted it could visit 1.1330 and 1.1370 in the next weeks. Key Quotes 24-hour vi
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