USD/CHF flirting with daily lows, around 0.9720 area

• The global flight to safety continues to benefit traditional safe-haven currencies.
• The USD remains on the defensive following the release of softer PPI figures.
• A sustained break below 0.9700 needed to confirm any further bearish bias.

The USD/CHF pair held on to its weaker tone through the early North-American session and is currently placed at the lower end of its daily trading range, around the 0.9725-20 region.
 
The pair continued with its struggle to register any meaningful recovery and traded with a negative bias for the third consecutive session on Friday, holding well within the striking distance of multi-week lows set earlier this week.

Softer PPI does little to impress USD bulls

The recent escalation in the US-China trade dispute and growing concerns over the global economic outlook continued benefitting the Swiss Franc's perceived safe-haven status, which kept exerting some pressure on the major.
 
Adding to this, a subdued US Dollar demand, further weighed down by Friday's softer-than-expected US core Producer Price Index (PPI), also did little to lend any support amid deteriorating global risk sentiment and negative equities.
 
It, however, remains to be seen if bears are able to maintain their dominant position or the pair continues finding some support at lower levels and once again manage to defend the 0.9700 round figure mark on a daily closing basis.

Technical levels to watch