USD/CHF pushes lower to 0.9960 on USD weakness

The USD/CHF pair extended its fall into the NA session and refreshed its session low at 0.9959 as the greenback continues to record losses against its major rivals. As of writing, the pair was trading at 0.9963, losing o.46%, or 46 pips, on the day.

The USD weakness seems to be the main catalyst behind the pair's slippage on Monday. After the latest macro data from the United States came in below the expectations, the selling pressure on the greenback increased, dragging the US Dollar Index to a new daily low at 98.67. At the moment, the index is at 98.73, down 0.32% on the day. 

• US: The headline general business conditions index fell six points to -1.0 - NY Fed
• US Dollar extends losses below 99 on poor NY Fed data

On the other hand, the recent rise seen in crude oil prices allowed the stock indexes in the United States open higher, suggesting an improved risk sentiment. If the stock markets continue to perform well, the CHF could struggle to sustain its strength against the USD as the higher risk appetite would make the safe haven CHF less desirable. At the moment, both the Dow Jones Industrial and S&P 500 indexes are recording a 0.3% gain.

• US stocks jump at open, buoyed by surging oil prices

Technical levels to consider

The initial support for the pair aligns at 0.9960 (20-DMA) followed by 0.9890 (May 3 low) and 0.9860 (May 4 low). To the upside, with a decisive break above 1.0000 (psychological level/200-DMA), the pair could aim for 1.0085 (May 12 high) and 1.0160 (Mar. 9 high).