Chart of the Day USD/CHF Fx

U.S. virus case surge & Dollar gets back its safe haven status

The Greenback is gaining strength from the opening of trading on Wednesday. As fresh concern over Coronavirus arises in the U.S. posting a huge number of fresh cases. The dollar which lost its haven status mid-last month saw its price slipping. The Dollar index (DXY) fell as low as 96. But as concern grows traders & investors are going back for the dollar with FED’s increasing stimulus.

Technically USDCHF found its support at @0.9430. The last time it broke below was at the end of February’20. But as the whole world was going into strict lockdown we saw dollar strength back DXY went up to 101 handles.

So for now my bias on USD/CHF will be long, the first target being @0.9540 & 0.9630 subsequently.