USD/CHF struggles near weekly lows, bears eyeing a break below 0.9100 mark
|- USD/CHF remained depressed for the second straight session amid sustained USD selling bias.
- The upbeat market mood might undermine the safe-haven CHF and help limit deeper losses.
- Investors now look forward to the US macro data for some meaningful trading opportunities.
The USD/CHF pair refreshed weekly lows during the early European session on Wednesday, with bears now looking to extend the fall further below the 0.9100 mark.
The pair extended this week's sharp retracement slide from the 0.9240 region and witnessed some selling for the second consecutive session on Wednesday. The downtick was exclusively sponsored by the heavily offered tone surrounding the US dollar, which languished near two-year lows amid doubts about the US economic recovery.
This coupled with the impasse over the next round of the US fiscal stimulus further undermined the already weaker greenback. The US lawmakers have been struggling to agree on the coronavirus relief package. White House negotiators on Tuesday vowed to work "around the clock" with Democrats to reach a deal by the end of this week.
Meanwhile, bulls seemed rather unimpressed by a strong bullish sentiment around the global equity markets, which tends to dent the Swiss franc's perceived safe-haven status. That said, the upbeat market mood might extend some support to the USD/CHF pair and turn out to be the only factor helping limit deeper losses.
Later during the early North American session, a duo of important US macro releases will be looked upon for some meaningful trading opportunities. Wednesday's US economic docket highlights the release of the ADP report on private-sector employment and ISM Non-Manufacturing PMI for the month of July.
Technical levels to watch
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