fundamental News - USD/CHF
The USD/CHF pair weakened further below the key 0.9000 psychological
mark and dropped to the lowest level since February 24 during the
mid-European session.
There isn't any major market-moving economic data due for release from
the US on Monday. Hence, the USD price dynamics will continue to play a
key role in influencing the USD/CHF pair. Apart from this, the broader
market risk sentiment will also be looked upon
for some trading opportunities.
The pair prolonged its recent bearish trajectory and witnessed some
follow-through selling on the first day of a new trading week. This
marked the fourth consecutive day of a negative move and was exclusively
sponsored by the prevalent bearish sentiment
surrounding the US dollar.
The USD struggled to capitalize/preserve its modest intraday gains,
instead met with some fresh supply and dropped to near
two-and-half-month lows amid dovish Fed expectations. Friday's dismal US
monthly jobs report reaffirmed that the Fed will keep interest
rates low for a longer period.
The headline NFP showed that the US economy added only 266K jobs in
April, far lower than consensus estimates pointing to a reading of
nearly one million. Adding to this, the previous month's reading was
revised down and the unemployment rate edged higher
to 6.1% from 6.0% in March.
Meanwhile, the underlying bullish tone in the financial markets,
which tends to weigh on the safe-haven Swiss franc, also did little to
lend any support to the USD/CHF pair. That said, slightly oversold
conditions on short-term charts might help limit
the downside, at least for now.
Expectation today: neutral