USD/CHF extends slide to fresh daily lows below 0.9070
- USD/CHF is falling for the fourth straight day on Monday.
- US Dollar Index tests 93.00 ahead of the American session.
- Wall Street looks to open the day decisively higher.
The USD/CHF pair failed to break above 0.9200 and closed in the negative territory last week. With the greenback struggling to find demand on Monday, the pair extended its slide and touched a fresh daily low of 0.9065. As of writing, USD/CHF was down 0.2% on the day at 0.9068.
USD weakens on risk flows
The US Dollar Index (DXY) capitalized on risk-off flows and closed higher for the second straight week. However, improving risk sentiment at the start of the week seems to be making it tough for the USD to attract investors. At the moment, the DXY is down 0.28% on a daily basis at 93.01.
There won't be any significant macroeconomic data releases featured in the US economic docket on Monday and investors will keep a close eye on Wall Street.
Reports revealing that AstraZeneca will restart the phase-3 trial of its potential COVID-19 vaccine allowed the market mood to turn upbeat. Additionally, Pfizer and BioNTech proposed to the US FDA to expand their phase-3 coronavirus vaccine trial to about 44,000 participants from 30,000 initially.
The S&P 500 futures are currently up 1.3% on the day and a potential sharp upsurge in Wall Street's main indexes could put additional weight on the USD's shoulders in the second half of the day.
Technical levels to watch for
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
