USD/CHF slides towards 0.8700 on US Dollar’s positioning for inflation data amid mixed mood – by anilpanchal7 USDCHF RiskAversion Inflation Currencies Majors
nc pair prints the first daily loss in three as the US Dollar reverses from the key upside hurdle due to the market’s positioning for the key inflation data, as well as backed by ChinaUS Dollar Index retreats from a downward-sloping resistance line from May 31 while printing the first daily loss in three around 102.35, down 0.
On the contrary, Italy’s surprise tax on windfall profits of banks joined the global rating agencies’ downward revision to the US banks and financial institutions to weigh on the risk sentiment the previous day. On the same line could be fears of the UK recession and slowing economic growth in China, not to forget the Dragon Nation’s geopolitical tension with the US and Japan about Taiwan.
Given the market’s preparations for the US CPI for July, up for publishing on Thursday, the USD/CHF may witness further downside. However, strong US inflation numbers and the risk-off mood can push the Swiss Franc pair toward the key technical resistances.Despite the latest retreat, the USD/CHF pair remains beyond the 10-DMA support of around 0.
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