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10 Feb 2022

USD/CHF remains depressed near 0.9235 zone, downside seems cushioned ahead of US CPI

  • USD/CHF witnessed some selling on Wednesday amid subdued USD demand.
  • The risk-on mood undermined the safe-haven CHF and helped limit the slide.
  • Investors also seemed reluctant ahead of the release of the key US CPI report.

The USD/CHF pair remained on the defensive through the first half of the European session and was last seen hovering just a few pips above the daily low, around the 0.9235 region.

The US dollar edged lower on Thursday and exerted some downward pressure on the USD/CHF pair, though a generally positive risk tone undermined the safe-haven Swiss franc and extended some support. Apart from this, elevated US Treasury bond yields, along with hawkish Fed expectations acted as a tailwind for the greenback and further contributed to limiting the downside for the major.

Investors seem convinced that the Fed would adopt a more aggressive policy response to contain high inflation and have been pricing in a 50 bps rate hike in March. Thursday's release of the US consumer inflation figures should provide clues about the pace of the Fed's policy tightening cycle. This, in turn, will influence the USD and the near-term trajectory for the USD/CHF pair.

Looking at the broader picture, the pair has been oscillating in a familiar trading range since the beginning of this week. This further points to indecision among traders and warrants some caution before placing directional bets around the USD/CHF pair. Hence, it will be prudent to wait for a strong follow-through selling in order to confirm that the post-NFP rally has lost steam.

Thursday's US economic docket also features the release of the usual Weekly Initial Jobless Claims data late during the early North American session. This, along with the US bond yields, will drive the USD demand and provide some impetus to the USD/CHF pair. Apart from this, traders will further take cues from the broader market risk sentiment to grab some short-term opportunities.

Technical levels to watch

 

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