Soft Swiss retail sales and a dovish Swiss National Bank (SNB) stance failed to provide support for the USDCHF pair in trading on Tuesday. The pair continued to trade near multi-year lows, as the Swiss franc remained strong against the US dollar.
Swiss retail sales for the month of September came in softer than expected, posting a 0.5% decline compared to the previous month. This weaker-than-expected data highlighted the challenges facing the Swiss economy, which has been struggling with sluggish growth and low inflation.
Adding to the pressure on the USDCHF pair was the dovish stance of the SNB. The central bank reiterated its commitment to maintaining its ultra-loose monetary policy in order to support the Swiss economy. This dovish stance by the SNB further weighed on the USDCHF pair, as investors continued to favor the safe-haven Swiss franc over the US dollar.
Overall, the combination of soft Swiss retail sales and a dovish SNB failed to provide any support for the USDCHF pair, which remained under pressure near multi-year lows. Investors will continue to monitor economic data and central bank announcements for further direction on the pair in the coming days.