USD/CHF extends rally from monthly lows, rises above 0.9500
|- The Swiss franc holds on to losses despite a retreat in Wall Street.
- Greenback rises across the board during the American session.
The USD/CHF pair is rising sharply on Friday, and it regained 0.9500. On Thursday, the pair bottomed at 0.9374, the lowest since mid-March. Since then, it gained more than 150 pips amid a stronger US dollar.
The Swiss franc dropped further against the US dollar and held in negative territory despite the retreat in US equity prices. In Wall Street, the Dow Jones was rising 1.50% but far from the top. While stocks pulled back, USD/CHF rose further.
The other currency that serves as a safe haven is falling versus the US dollar. The Japanese yen is also weaker but not as much as the Swiss. The CHF/JPY cross resumed the decline and is set to extend the correction from one-year highs.
USD/CHF trims weekly losses
As of writing, the pair trades at 0.9525, up almost a hundred pips for the day. It still down for the week but far from the low. The weekly chart shows USD/CHF about to post the lowest close since March but significantly away from the bottom, suggesting some upside risks in the near term. If it drops back below 0.9500, the bearish pressure will likely intensify.
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