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19 Oct 2020

USD/CHF dives to multi-day lows, sub-0.9100 levels

  • USD/CHF witnessed a dramatic turnaround from the 0.9160-65 heady supply zone.
  • The emergence of some fresh USD selling was seen exerting pressure on the major.
  • The risk-on mood-led upsurge in the US bond yields failed to impress the USD bulls.

The USD/CHF pair continued losing ground through the mid-European session and dropped to four-day lows in the last hour, with bears now looking to extend the momentum further below the 0.9100 mark.

The pair continued with its struggle to break through the 0.9160-65 supply zone and witnessed a dramatic intraday turnaround from one-week tops on the first day of a new trading week. The pullback was exclusively sponsored by the emergence of some fresh US dollar selling and failed to gain any respite from the prevalent risk-on mood, which tends to undermine the safe-haven Swiss franc.

The USD failed to capitalize on last week's gains of around 0.7%, instead witnessed some heavy selling on the back of the US political uncertainty and was seen as one of the key factors that prompted some aggressive long-unwinding trade around the USD/CHF pair. Even a strong intraday rally in the US Treasury bond yields did little to impress the USD bulls or lend any support to the major.

Meanwhile, reviving hopes for additional US fiscal stimulus package, along with expectations of a vaccine for the highly contagious coronavirus disease by the end of this year boosted investors' confidence. This, in turn, was evident from a rally in the equity markets, albeit failed to ease the intraday bearish pressure surrounding the USD/CHF pair.

There isn't any major market-moving economic data due for release on Monday. Hence, the USD price dynamics might continue to act as an exclusive driver of the USD/CHF pair's momentum. However, the risk-on flow might extend some support and help limit deeper losses, warranting some caution for bearish traders or positioning for any further depreciating move.

Technical levels to watch

 

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