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10 Mar 2020

USD/CHF regains 0.9300 amid US dollar bounce, risk reset

  • USD/CHF bounces off 56-month lows.
  • Likely stimulus from the US, Japan and Australia, the re-opening of Chinese coronavirus epicentre for travellers favor risk recovery.
  • A light economic calendar keeps markets focus on the COVID-19 headlines.

USD/CHF takes the bids to 0.9320, up 0.73%, ahead of the European session on Tuesday. The pair seems to have taken clues from the global policymakers’ signal to further stimulus as well as China’s easing barriers for travellers of Wuhan.

Having witnessed a flash crash Monday, policymakers in the US, Australia and Japan are likely on the run to safeguard their respective economies from the negative implications of the deadly coronavirus (COVID-19).

While US President Trump is likely to not allow any specific travel industry package during his press conference on Tuesday, no major details have been provided by Japan and Australian policymakers.

Also contributing to the risk recovery could be Japan’s no change in the Tokyo Olympics’ timeline as well as Chinese authorities’ opening of the COVID-19 epicentre Wuhan for travellers.

As portraying the risk-tone, the US 10-year treasury yields recover 16 basis points (bps) to 0.663% whereas S&P 500 Futures gain 2.57% to 2,818 by the press time. It should, however, be noted that Asian stocks are still struggling to carry the optimism.

Looking forward, details of the stimulus from the US could offer immediate direction to the pair whereas virus news can keep busying the traders.

Technical Analysis

Late-2017 lows near 0.9420 can restrict the pair’s latest bounce, failing to which will extend recovery moves to September 2018 lows around 0.9540. However, any downside below 0.9250 can recall the bears looking for 0.9000 psychological magnet.

 

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