USD/CHF slides to 4-month lows, farther below 0.9800 mark
Flattening US bond yield curve keeps the USD bulls on the back-foot.
• Fading safe-haven demand helps limit deeper losses, for the time being.
• Fading safe-haven demand helps limit deeper losses, for the time being.
After an initial uptick to 0.9810 area, the USD/CHF pair met with some fresh supply and touched a four-month low level of 0.9785 in the last hour.
The pair struggled to find any support and remained under some selling pressure for the third consecutive session amid a subdued US Dollar price action. Against the backdrop of Friday's dovish sounding comments by the Fed Chair Jerome Powell, flattening of the US bond yield curve kept the USD bulls on the back-foot and did little to provide any respite to the major.
Meanwhile, easing trade-tensions, following a bilateral US-Mexico deal aimed at overhauling the North American Free Trade Agreement boosted investors' appetite for riskier assets, which eventually dented the Swiss Franc's safe-haven appeal and helped limit deeper losses, at least for the time being.
In absence of any major market moving economic releases, the USD price dynamics and the broader market risk sentiment might continue to act key determinants of the pair's momentum through Tuesday's trading session. Moving ahead, Wednesday's release of the prelim US GDP growth figures will now be looked upon for some fresh directional impetus.
Technical levels to watch
A follow-through selling pressure has the potential to continue dragging the pair towards 0.9735 intermediate support en-route the 0.9700 round figure mark. On the flip side, a sustained move beyond 0.9710 area might trigger a short-covering bounce and lift the pair back towards 0.9855-60 supply zone.
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