Analysis Market overview

USDCHF overview 02.07.2021

Swiss franc firms on safe-haven demand.

Swiss franc under the bearish pressure today under the effect of the risk-off sentiment – as worries over the spread of the Delta coronavirus variant are emerging in various corners of global financial markets and are adding to the safe-haven inflows into the Swiss franc and the gold. The highly contagious Delta variant is surging through Asia this week, with record numbers of infections in Australia and South Korea, prompting some countries to tighten curbs and others to hasten vaccination. World Health Organisation warned recently that Delta variant could soon become the dominant form of the virus. It is also driving a spike in cases in Japan, casting a pall over this month’s Olympic Games. On Friday, Australia reported the biggest daily rise in new cases so far this year – adding to the risk–off sentiment and to the inflows to the Swiss franc.

Expect sellers on upward corrections.

Next support to watch – 0.9207

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