The USD/CHF pair advanced to a weekly high of 0.9438 on Monday but closed the day unchanged at 0.9415. On Tuesday, the pair spent the majority of the day moving sideways above 0.9400 before coming under modest pressure in the last hour. As of writing, the pair was down 0.18% on the day at 0.9397.
Investors ignore US inflation data
The only data from the US on Tuesday revealed that the core Consumer Price Index (CPI) stayed unchanged at 1.2% yearly in June. Although this reading came in slightly higher than the market expectation of 1.1%, the market reaction was largely muted.
Meanwhile, the US Dollar Index posts modest daily losses around 96.50, making it tough for the pair to gain traction.
There won’t be any other macroeconomic data releases from the US in the remainder of the day and investors will keep a close eye on Wall Street’s performance. If the sour market mood remains intact and weighs on the US stocks, we could see the pair stage a rebound with the greenback finding demand as a safe haven.
USD/CHF LONG (Buy)
ENTER AT: 0.94180