Into European trading and the Franc has once again been dominated by broader market volatility. Dollar selling has weighed on USD/CHF with the price pushed to a fresh session and years low at 1.2026. The move happened as stops triggered on the break below 1.2050 support with bids into 1.2030 failing to prop.
EUR/CHF sales continue to be looked for to signal fresh weakness will be sustained but as yet the cross has failed to retest key support into 1.6350. Offers in USD/CHF are noted into 1.2050/55 to cap rebounds. Looking ahead, the North American session is devoid of tier one US data releases. The Dollar may take some comfort from this news given that recent economic unveilings have done little to deter the market from selling the USD.
However, with little event-risk of fresh news to underpin the unit any further US unit selling will see USD/CHF look to test the 1.2000 area. Domestic dealers look to the release tomorrow of the Swiss April ZEW economic survey. The data is expected to point to further growth in the mountain economy and this will underpin the Franc.
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