USD/CHF retreats below 0.9730 from two-week highs
- US dollar loses momentum near the end of the week after US data.
- Despite moving off weekly highs, USD/CHF still up for the week.
The USD/CHF pair failed to hold to daily gains and is trading at 0.9725, around the same level it closed on Thursday, with a bearish intraday bias. Earlier today, it peaked a 0.9762, the highest level in two weeks, and then it turned to the downside.
USD loses momentum after NFP
The greenback dropped after the release of US data. The employment report came in below expectations and weighed on the US dollar. Initially, the USD fell, it quickly recovered, but following the beginning of the American session, it decisively lost momentum across the board.
The decline in DXY took place amid lower yields and a decline in equity prices in Wall Street. The 10-year yield dropped to 1.82%, a two-day low. Markets looks stabilized today after the tensions in the Middle East triggered volatility.
Despite the concerns around the Middle East, equity markets are about to end the week higher. Also, currencies that usually appreciate during times of tensions are lower. USD/CHF is trading a few pips above the levels it had a week ago. The Swiss franc over the last hours rose across the board, probably a consequence of investor positioning for the weekend.