USD/CHF extends 4-day losing streak, hits lowest since November 10

The increased demand for the safe haven assets in Asia strengthened the bid tone around the CHF, pushing the USD/CHF to 0.7827; its lowest level since November 10.

The pair hit a high of 1.0999 on May 11 before turning lower on account of the broad based sell-off in the USD. Friday’s weaker-than-expected US retail sales took a toll on the treasury yields and therefore reduced the appeal of the greenback.

The losses in the USD/CHF pair seen in Asia are largely due to increase haven demand amid rising political uncertainty in the US. The sell-off in the USD/CHF could gather pace if the European stocks turn risk averse today.

USD/CHF Technical Levels

The spot was last seen trading around 0.9828 levels, A break below 0.98 (zero levels) would open up downside towards 0.9735 (Nov 8 low) and 0.97 levels. On the higher side, immediate resistance is seen at 0.9853 (May 5 low) ahead of 0.9896 (Apr 24 low) and 0.9919 (Apr 26 low).