CHFJPY week 53

The USD/CHF pair refreshed multi-year lows during the early North American session, with bears now looking to extend the downward trajectory further below the 0.8800 mark.

The pair failed to capitalize on its intraday uptick, instead met with some fresh supply near the 0.8825 region and drifted into the negative territory for the fourth consecutive session on Thursday. The prevalent bearish sentiment surrounding the US dollar was seen as one of the key factors that capped the early attempted recovery move.

Investors remain convinced about the likelihood of more US financial aid package. This, along with expectations that the Fed will keep interest rates lower for a longer period, continued weighing on the buck. In fact, the USD Index fell to its lowest level since April 2018 and failed to gain any respite from upbeat Initial Jobless Claims data.

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