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Swiss Franc and Swedish Krona Shine As Greenback Fades

FOREX
  • The greenback started the week on the backfoot after Friday's strong near 1% rally. The dollar index (-0.26%) slipped back below the 94.00 mark with EURUSD also regaining the 1.16 handle.
  • Of note throughout the session were strong performances for both the Swiss Franc and the Swedish krona.
  • EURCHF (-0.27%) and USDCHF (-0.70%) have continued recent trajectories lower, with both pairs approaching support areas worth noting. For EURCHF, 1.0505/10 represents an area of multiple lows between April-May 2020.
  • On a slightly shorter-term note, USDCHF right around 0.9100 horizontal support across the mid-August lows. Additionally, an upward sloping trendline across the 2021 lows intersects near 0.9085. A break of this technical point could have the potential to accelerate CHF strength and would target the August and June lows at 0.9019 and 0.8926 respectively.
  • USDSEK finds itself 0.81% lower on the session as EURSEK accelerates recent weakness below the 10.00 handle. Following the breach of the 2021 lows and a period of consolidation, EURSEK now trades below 9.90 and the lowest levels since February 2018.
  • Elsewhere, EURGBP (+0.58%) enjoyed a relief rally, completing a full point bounce from the 0.84 lows made last week.
  • In emerging markets, MXN and ZAR extended recent weakness and were particular underperformers both falling roughly 1.2% versus the dollar.
  • Markets will focus on the RBA decision due overnight ahead of Swiss data to kickstart the European session.
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