USDCHF Off Multi-Years Lows

Concern about the high of COVID-19, and the worsening relations between the United States and China affected the pair.

The upbeat mood on the market undermined the CHF as a safe haven and helped reduce further losses.

It appears that the USDCHF pair has now entered a bearish consolidation phase and has seen volatility in a range of past year

The pair extended its recent downtrend, which it saw during the past week or so and remained under some selling pressure to continue for the fifth consecutive session on Monday. One of the main factors driving the pair to its lowest level in January 2015 was the prevalent tone presented largely around the US dollar.

The recent escalation in tensions between the United States and China added to market fears that the economic recovery in the United States could stop amid the resurgence of coronavirus cases. This in turn has fueled speculation that the Fed will add more stimulus for a longer period and in larger quantities.