USD/CHF retreats to 0.9100 area as USD struggles to find demand
- USD/CHF remains on track to close the week in the red.
- US Dollar Index struggles to gain traction on Friday.
- Fed's Evans says QE could be enhanced around spring.
The USD/CHF pair rose above 0.9120 during the European session but turned south in the early American trading hours. As of writing, the pair was down 0.08% on a daily basis at 0.9102. For the week, USD/CHF remains on track to post small losses.
DXY fails to stage a rebound
The greenback continues to have a difficult time finding demand on the last day of the week. In the absence of significant fundamental drivers and macroeconomic data releases, the US Dollar Index (DXY) fluctuates in a tight range below 93.50 on Friday.
In an interview with CNBC, Chicago Federal Reserve Bank President Charles Evans said that they could do more to enhance the quantitative easing depending on how the economy looks in spring. Evans further reiterated that the Fed will keep rates at zero until maximum employment and the inflation goal is achieved. As of writing, the DXY was virtually unchanged on a daily basis at 92.29.
Meanwhile, Wall Street's main indexes look to open little changed, suggesting that the market sentiment is unlikely to provide a directional clue to USD/CHF.
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.
