USD/CHF extends decline nears 13-year low as Trump-Powell rift deepens
The post USD/CHF extends decline nears 13-year low as Trump-Powell rift deepens appeared on BitcoinEthereumNews.com.
Swiss Franc gains over 6% in eight days as investors flee USD on political instability and trade risks. Trump slams Powell again, calls for immediate rate cuts amid falling oil and grocery prices. USD/CHF risks deeper drop toward 0.79 if 0.8038 support fails; resistance stands at 0.8163 and 0.8267. The USD/CHF extended its losses for the third consecutive day as market mood shifted sour due to US President Donald Trump’s attacks on Fed Chair Jerome Powell, which investors saw as a threat to the independence of the US central bank. At the time of writing, the pair trades at 0.8080, down 0.06. Pair drops for third straight day to 0.8080 as safe-haven flows favor Swiss Franc Tariffs were the main theme in the financials market until Friday, when Powell turned slightly hawkish and even said that tariffs could be inflation-prone. Consequently, Trump questioned why the Fed has not cut interest rates like the European Central Bank (ECB), as Oil and grocery prices had edged down. On Monday, he continued his attack on Powell, calling him a “looser” and saying that he needs to lower interest rates “NOW!” Hence, fearful traders seeking safety turned to the Swiss Franc, which has appreciated over 6% during the last eight trading days. USD/CHF Price Forecast: Technical outlook Technicals suggest that the USD/CHF should extend its losses, but sellers need to gain some steam and clear the April 21 low of 0.8038. If surpassed, the pair could reach the 0.79 handle for the first time since September 2011. The Relative Strength Index (RSI) is oversold, but as it has failed to clear the latest peak, suggests that bears remain in charge. Conversely, buyers need to reclaim April 21 peak of 0.8163, so they can challenge the next resistance level being the April 14 swing high…
