- USD/CHF advances from earlier lows around 0.9100.
- Risk-prone investors shy away from the safe-haven Swiss franc.
- Swiss Consumer Confidence data eyed for fresh traction.
The Swiss franc depreciates further against its counterpart USD and lifts the USD/CHF pair to fresh multi-day highs near 0.9120 in the Asian session. The prices quickly recovered from the lows of 0.9103 and touched the intraday highs of 0.9118.
USD/CHF advances for the third consecutive session on the back of further selling bias around the Swiss franc as investors' risk-appetites improve on upbeat global economic recovery prospects.
At the time of writing, the USD/CHF pair is trading at 0.9116, up 0.08% on the day.
The move was exclusively sponsored by the depreciation in the demand for the safe-haven asset in the wake of improved economic conditions across regions. The US dollar index (DXY), which tracks the movement of the greenback, remains depressed near 91. The index remained unaffected after the FOMC Chairman Jerome Powell delivered a much-anticipated speech on US economic progress on Monday, as he said “Economy is not out of the woods yet but is now making real progress”.
In the meantime, the focus of attention will be on the Swiss Consumer Confidence data, which declined to -14.6 in Q1 2021. Apart from that, investors should keep their eyes on the US Balance of Trade for March, Monthly Factory Orders, and IBD/TIPP Economic Optimism in May for fresh trade impetus.
USD/CHF additional level
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
EUR/USD clings to modest gains above 1.0650 ahead of US data
EUR/USD trades modestly higher on the day above 1.0650 in the early American session on Tuesday. The upbeat PMI reports from the Eurozone and Germany support the Euro as market focus shift to US PMI data.
GBP/USD extends rebound, tests 1.2400
GBP/USD preserves its recovery momentum and trades near 1.2400 in the second half of the day on Tuesday. The data from the UK showed that the private sector continued to grow at an accelerating pace in April, helping Pound Sterling gather strength against its rivals.
Gold flirts with $2,300 amid receding safe-haven demand
Gold (XAU/USD) remains under heavy selling pressure for the second straight day on Tuesday and languishes near its lowest level in over two weeks, around the $2,300 mark in the European session. Eyes on US PMI data.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
US S&P Global PMIs Preview: Economic expansion set to keep momentum in April
S&P Global Manufacturing PMI and Services PMI are both expected to come in at 52 in April’s flash estimate, highlighting an ongoing expansion in the private sector’s economic activity.