n on Thursday. Spot prices currently trade below the 0.9100 mark, with bulls still awaiting a sustained move beyond a technically significant 100-day Simple Moving Average before placing fresh bets.
The prevalent cautious mood lends some support to the safe-haven Swiss Franc , which, along with subdued US Dollar price action, acts as a headwind for the USD/CHF pair. Theremains fragile in the wake of worries about a global economic sentiment, fueled by dismal Chinese macro data released on Wednesday. In fact, China's trade surplus sank to a 13-month low in May, led by a surprise tumble in exports.
The USD, on the other hand, is oscillating in a familiar range over the past two weeks or so as market players seem uncertain over the Federal Reserve's next policy move. Last week's dovish rhetoric by several Fed officials fueled speculations that the US central bank will keep interestunchanged at its upcoming monetary policy meeting on June 13-14. That said, the inflation and labor market data kept alive hopes for a 25 bps lift-off next week.