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14 May 2021

USD/CHF drops toward 0.9000 as USD selloff continues

  • USD/CHF looks to close second straight day in the negative territory.
  • US Dollar Index fell below 90.50 after US data.
  • Wall Street's main indexes post impressive gains on Friday.

The USD/CHF pair extended its daily slide during the American trading hours and touched a daily low of 0.9013. As of writing, the pair was trading at 0.9028, down 0.35% on a daily basis.

The sharp upsurge witnessed in Wall Street's main indexes weighed on the greenback in the second half of the day and forced USD/CHF to continue to push lower. At the moment, the S&P 500 Index is rising 1.1% on a daily basis and the US Dollar Index is losing 0.4% at 90.35.

The data from the US showed on Friday that Retail Sales in April remained unchanged at $619.9 billion. Furthermore, the US Federal Reserve reported that Industrial Production expanded by 0.7%, compared to analysts' estimate of 1%, and the University of Michigan's Consumer Sentiment Index dropped to 82.8 from 88.3. Nevertheless, these uninspiring figures were largely ignored by market participants

Meanwhile, the 10-year US Treasury bond yield is falling 1% on the day, not allowing USD/CHF to stage a rebound ahead of the weekend.

USD/CHF outlook

Credit Suisse analysts think that a sustained move back below 0.9030 would confirm a near-term peak for USD/CHF. "Thereafter, the next levels are seen at 0.9000/8985, which stalled the market on Monday, then 0.8922/10, before 0.8871/62, which is an important price low," analysts added. "Resistance stays at the 200-day average at 0.9083/9115, which should now ideally cap to keep the risks directly lower. Above here, the next levels are seen at 0.9165.”

Additional levels to watch for

 

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