USD/CHF holds above 0.9400 despite weaker US dollar
- USD/CHF up modestly amid risk appetite.
- EUR/CHF post biggest 2-day gains in months.
USD/CHF remained quiet during most of the day. The pair started hovering slightly below 0.9400 and peaked during the US session at 0.9416. It is about to end the day at 0.9405/10 and to post the second gain in a row still, the upside continues to look limited as long as it fails to consolidate above 0.9450.
The rebound of the greenback it taking place from the 20-day moving average and the 0.9350 area. The short-term tone favors the greenback from a technical perspective. The slide of the US dollar across the board did not push the pair to the downside. The US Dollar Index dropped to weekly lows under 89.50.
The Swiss franc was among the worst performers amid risk appetite and also weakened by the EUR/CHF rally. The pair jumped almost a hundred pips and reached at 1.1672 the highest level since January 26. The euro broke to the upside a 1-month range.
No impact from data
In Switzerland, CPI came in at 0.6% y/y in February. The data had no impact on the Swiss. Tomorrow foreign exchange reserves data will be released.
In the US, factory orders dropped 1.4% in January, above the slide of 1.3% expected. The US Dollar remained weak after the data. On Wednesday, the ADP employment report is due while the key jobs data will be released on Friday with the NFP.