USD/CHF stays in tight range above 0.98 as markets ignore US CPI data

Following yesterday's decisive upsurge, the USD/CHF pair struggles to find direction on Friday. With the latest data from the U.S. coming in line with experts' estimates, the pair stays in its daily range and was last seen down 0.28% on the day at 0.9820.

According to the U.S. Bureau of Labor Statistics, the CPI declined 0.1% on a monthly basis in December. The Core CPI, which strips volatile food and energy prices, rose 0.2% and 2.2% on a monthly and yearly basis, respectively, to match November's reading and analysts' estimates. After losing its momentum near 95.50, the US Dollar Index slipped back into the negative territory and the inflation data failed to provide a catalyst. At the moment, the DXY is down 0.25% on the day at 95.33.

There won't be any other macroeconomic data releases in the remainder of the day and markets will be paying close attention to Wall Street, which points to a negative opening amid a 0.3% fall witnessed in the S&P 500 Futures.

Despite yesterday's sharp rebound, however, the pair remains on track to close the week in the negative territory for the third time in the last four weeks.

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