- USD/CHF picked up on Thursday owing to a strengthening USD.
- Risk-off trading supported the safe-haven CHF and limiting g gains for the major.
USD/CHF traded marginally higher in the early European session trading at the upper end of its weekly range, around 0.9150.
After a quiet session on Wednesday, the pair managed to pick up on Thursday thanks to a strong US dollar A pause in a covid vaccine trial plus rising covid cases lifted demand for the global reserve currency, the US Dollar.
A steep decline in stock markets underpinned the Swiss franc’s safe-haven demand, capping gains in the USD/CHF. The mood in the market soured amid fading hopes for additional US fiscal stimulus as the two sides remain far apart.
Nevertheless, the USD/CHF remains above its 50-day SMA, a key pivotal point for intraday traders. a meaningful move above the overnight high of 0.9160-65 testing the tone for a further move higher targeting 0.9200 round-figure mark.
Philly Fed Manufacturing Index, l Initial Weekly Jobless Claims and Empire State Manufacturing Index will be in focus The data could drive the USD price providing impetus to the USD/CHF pair.