(VIANEWS) - USD/CHF clings to mild gains around 0.8665 as markets brace for the top-tier data/events during early Monday in Europe. That said, the Swiss Franc (CHF) pair rose for the first time in four weeks, bouncing off the lowest levels since late 2015, as the US Dollar cheered upbeat data to challenge the dovish Fed bias. However, the recently bearish US Dollar bias of the asset managers and anxiety ahead of today's preliminary readings of the US S&P Global PMIs for July challenge the pair buyers of late.
FXStreet reported on the fact that that said, Bloomberg quotes the US Commodity Futures Trading Commission (CFTC) data for the week ended on July 18 to state that asset managers boosted bearish dollar bets to a record 18% amid speculation slowing US inflation will hasten the end of the Federal Reserve's 16-month run of policy tightening.
USD/CHF (USDCHF) has been up by 3.29% for the last 21 sessions. At 06:08 EST on Monday, 24 July, USD/CHF (USDCHF) is $0.87.
Usd/chf oscillates in a range just above mid-0.8600s, upside potential seems limited
The US Dollar (USD) manages to preserve its recent recovery gains from its lowest level since April 2022 touched last week and turns out to be a key factor acting as a tailwind for the USD/CHF pair. , The outlook, in turn, will play a key role in influencing the near-term USD price dynamics and help investors to determine the next leg of a directional move for the USD/CHF pair.
Usd/chf edges higher past 0.8650, ignores bearish bets on US dollar ahead of US pmi, fed decision
Hence, the USD/CHF pair traders will not only pay attention to today's US PMIs but will also closely observe the first readings of the US second-quarter (Q2) 2023 Gross Domestic Product (GDP) and Fed Chair Jerome Powell's ability to defend the hawks for clear directions. , The first daily closing beyond the 10-DMA in two weeks keeps USD/CHF buyers hopeful unless the drops back below the DMA resistance-turned-support of 0.8642.
USD/CHF's yearly highs and lows, it's 1.11% up from its 52-week low and 14.704% down from its 52-week high.
Volatility
USD/CHF's last week, last month's, and last quarter's current intraday variation average was a positive 0.13%, a negative 0.14%, and a positive 0.39%, respectively.
USD/CHF's highest amplitude of average volatility was 0.40% (last week), 0.40% (last month), and 0.39% (last quarter), respectively.
Forex Price Classification
According to the stochastic oscillator, a useful indicator of overbought and oversold conditions, USD/CHF's Forex is considered to be oversold (<=20).
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