USD/CHF slips to two-week low as dollar eases a little on the session
USD/CHF touches its lowest level since 1 July
The dollar is easing just a fair bit with EUR/USD up to a session high of 1.1284 (though trading in a 20 pips range) and USD/JPY also slipping back to 107.80 levels from around 108.05 earlier. In turn, we're also seeing USD/CHF fall back to the 50.0 retracement level @ 0.9823 currently with further support seen around 0.9810-15 next.
For USD/CHF, sellers are back in near-term control and are poised to search for a further extension lower if they can navigate a firm break below the 0.9800 handle.
Looking at the bigger picture:
Sellers have the momentum on their side now and could be looking towards a retest of the 10 January support @ 0.9716.
That said, it's still early in the week so let's see how things will play out in the coming sessions and what markets will choose to focus on. Tomorrow, we'll have the release of US retail sales data so there's also that to consider though the Fed focus will ultimately outweigh that in the bigger picture.