CHF

Traders remained net-long US dollar index futures last week, although asset managers have the more convincing bullish view for the dollar.

Comments from SNB’s president suggest the central bank might be closer to hiking rates sooner than some expect.

The long / short ratio of bulls to bears on the Swiss franc hit a record low last week, which suggests we may be approaching a sentiment extreme for bearish positioning.

Whilst risk assets remained under pressure, there are signs that the risk-off tone has softened as bearish volatility remains on the low side.

If traders would like to trade DXY, USD/CHF may be a good substitute

US inflation data is the main data point in today’s calendar, but there was a mild risk-on tone across equity and FX markets thanks to US infrastructure bill.

German industrial production kids the day off at 07:00 BST, ahead of the ZEW sentiment report and final GDP and employment reads for the eurozone at 10:00.

Whilst Japan’s rising exports are good for domestic growth (after GDP contracted in Q1) it also points to increased global demand.

Here is a look at some of the largest movers of the week: Chart

Pair remains under pressure after breaking 0.898 support.

The pair remains in a consolidation despite this week's bullish performance.

GBP/USD posts largest pip gain of the week against its major pairs: Charts

Major reversal in play: Chart

USDCHF pair remains in holding pattern, but for how much longer?

The long term bearish trend remains, but for how long?

Here is a U.S. economic data summary with a look at major moving FX pairs.

Looking at active major pairs today, the USD/CHF fell68 pips to 0.9508. Key resistance on an intraday chart has been identified at around the 0.9545 level. Here is an update on key levels.