USD/CHF Declines Further, Breaks below a Three-week Low
- USD/CHF remains pressured, trades below 0.8900
- Weaker US dollar narrates the currency market
USD/CHF Declines Further
The USD/CHF pair skittered down below 0.8900 for the first time in three weeks. For a second consecutive session, the bearish momentum prevails over the pair as it slides to an intraday low of 0.8870. The pair is still hovering near the daily low, which also coincides with the 50-day moving average, currently resting at 0.8890.
USD bulls were successful in their effort to bring the USD/CHF pair above the 0.9000 marks early in February. The positive trend was sustained for one month, starting from a low of 0.8757 at the beginning of January. The exchange rate was lifted to a two-month high on Feb 4 when the pair peaked at 0.9045. Since then, the USD/CHF has had only one positive session and an overall depreciation of 1.87%.
The USD selling bias continues to highlight the currency market today as the greenback is heavily offered across the board. The EUR/USD is climbing towards the 1.2200 marks, while earlier in the month, the euro traded below $1.20. The EUR/USD pair reached a three-year top earlier this year when it spiked as high as 1.2350.
Optimism Remains Amongst Investors
The sterling is also moving higher against the weaker dollar as the GBP/USD pair recently broke above the 1.39 level which was last seen in April 2018. The recent buying momentum in the British currency, apart from a weaker dollar, comes from the progress over the vaccination program as the UK successfully administered 15 million doses of the Covid-19 vaccine, meeting its Feb 15 target.
USD/CAD and USD/JPY are trading lower today, underpinned by the low interest for US dollars.
Meanwhile, investors remain hopeful. The massive US fiscal spending plan and the progress in vaccination programs portray a positive outlook for the global economy.
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