USD/CHF drops to one-week low, below 0.9200 mark amid sustained USD weakness By HareshMenghani USDCHF Fed RiskAppetite Majors Currencies
Geopolitical tensions benefitted the safe-haven CHF and contributed to the ongoing fall.pair dropped to a one-week low during the early European session, with bears now looking to extend the downward trajectory further below the 0.9200 mark.
Following a brief consolidation earlier this Wednesday, the USD/CHF pair met with a fresh supply and retreated further from over a two-month high, around the 0.9345 area touched earlier this week. The US dollar continues to be weighed down by less hawkish comments byofficials. This, in turn, was seen as a key factor that dragged the pair lower for the fourth successive day.
In fact, St. Louis Fed President James Bullard and Philadelphia Fed President Patrick Harker pushed back against market bets and downplayed the prospect of a 50bps hike in March. Apart from this, the conflict between Russia and the West over Ukraine benefitted the Swiss franc's safe-haven status and also contributed to the selling bias around the USD/CHF pair.
From a technical perspective, the weekly fall of over 150 pips and acceptance below the 0.9200 mark will set the stage for a further near-term depreciating move for the USD/CHF pair.
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