USD/CHF remains negative for whole week

The positive market sentiment discouraged USD/CHF sellers from confirming the double top chart pattern.
The USD/CHF pair has fallen for the fifth successive day, though bounced off weekly lows reached during the day near 0.9521, towards the 0.9580s region. The pair is still shy of reclaiming the 0.9600 figure. At 0.9589, the USD/CHF lost 0.13% on Friday, extending its weekly losses to 1.16%.

The market sentiment is positive as US equities hold gains between 2.13% and 2.47%. The University of Michigan’s inflation expectations easing from a 14-year high, meaning that the Fed needs to tighten but not as previously expected, which now foresee the Fed funds rate near 3.50%. The US recession fears abated as St. Louis Fed President James Bullard said that worries are overblown.

The USD/CHF opened above 0.9600 and edged higher towards Friday’s daily high, retreating afterward to daily lows near 0.9521, though of late settled around the 0.9580 area.