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CHF: USDCHF Off Session Lows, Danske Comment on Positioning

CHF
CEEMEASwitzerlandBulletMarketsForeign Exchange Bullets

USDCHF extended yesterday's late selloff this morning, printing a 0.9129 low following headlines suggesting a more gradual tariff introduction under the new US administration. However, the pair has since pared the majority of its session losses, suggesting that bullish trend indicators remain intact for the pair.

  • Cycle highs were reached yesterday at 0.9201, and further upside momentum would place focus on 0.9224/44, the key medium-term targets for the pair. Support moves up to 0.9061, the 20-day EMA.
  • Danske see "aggregate USD positioning still in stretched long territory", while CHF positioning moved further towards stretched short as of data up until January 7. While this may indicate potential for a deeper short-term correction, it underlines that market bets continue to look for further upside potential in the pair.
  • The local data calendar remains light, placing the focus on US inflation data and Fed speakers this week for USDCHF sentiment.
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USDCHF extended yesterday's late selloff this morning, printing a 0.9129 low following headlines suggesting a more gradual tariff introduction under the new US administration. However, the pair has since pared the majority of its session losses, suggesting that bullish trend indicators remain intact for the pair.

  • Cycle highs were reached yesterday at 0.9201, and further upside momentum would place focus on 0.9224/44, the key medium-term targets for the pair. Support moves up to 0.9061, the 20-day EMA.
  • Danske see "aggregate USD positioning still in stretched long territory", while CHF positioning moved further towards stretched short as of data up until January 7. While this may indicate potential for a deeper short-term correction, it underlines that market bets continue to look for further upside potential in the pair.
  • The local data calendar remains light, placing the focus on US inflation data and Fed speakers this week for USDCHF sentiment.