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Home Forex News

USD/CHF Languishes Near Multi-Week Low

Admin by Admin
July 27, 2022
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The USD/CHF pair edges lower during the early North American session and is now flirting with the daily low, around the 0.9600 round-figure mark, or a multi-week low set on Monday.

Pressure from the pair comes from the US dollar creeping lower on Wednesday amid some repositioning trade ahead of the highly-anticipated FOMC monetary policy decision.

This is turning out to be a key factor exerting pressure on the USD/CHF pair for the second successive day. The intraday downtick seems unaffected by better-than-expected US macro data.

The US Census Bureau reported that headline Durable Goods Orders increased by 1.9%, surpassing expectations for a 0.4% decline by a big margin. Orders excluding transportation items also came in higher than consensus estimates and rose 0.3% during the reported month. The data, however, did little to impress the USD bulls.

Meanwhile, the GBP/USD has managed to limit its losses despite the broad-based dollar strength on Tuesday and continued to edge higher early Wednesday. The pair trades within a touching distance of key resistance that seems to have formed at 1.2070 and buyers need to flip that level into support for the recovery to remain intact.
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