The USD/CHF pair builds on the previous day's modest bounce from the vicinity of mid-0.8800s, or the lowest since December 12, and gains some follow-through positive traction for the second straight day on Thursday.
Spot prices climb back above the 0.8900 mark during the Asian session, though any meaningful appreciating move seems elusive amid the bearish sentiment surrounding the US Dollar (USD).
The USD Index (DXY), which tracks the Greenback against a basket of currencies, dives to a four-month low amid bets that the Federal Reserve (Fed) would cut interest rates multiple times this year.
The expectations were further fueled by the disappointing release of the US ADP report on Wednesday, which showed that private-sector employers added only 77K jobs in February.
This comes on top of worries that US President Donald Trump's trade tariffs might trigger a sharp slowdown in the US economy and continue to weigh on the buck.
That said, a goodish rebound in the US Treasury bond yields helps limit any further USD losses.
Apart from this, a positive tone around the equity markets is seen undermining the safe-haven Swiss Franc (CHF) and lending some support to the USD/CHF pair.
However, it will still be prudent to wait for strong follow-through buying before confirming that spot prices have formed a near-term bottom and positioning for further gains. Traders might also opt to wait on the sidelines ahead of the release of the US Nonfarm Payrolls (NFP) report on Friday.
Source: FXStreet
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