USD/CHF prices remain pressured around the intraday low, down 0.22% on a day heading into Tuesday’s European session.

In doing so, the Swiss currency (CHF) pair prints the first daily loss in four by stepping back from the highest levels since December 2019, tested the previous day.

While cautious optimism in the market could be best described as the force behind the latest USD/CHF pullback, the pair’s retreat pays a little heed to the options market catalyst, namely the ratio of call and put spread known as the risk reversal (RR).

That said, the daily RR printed the 0.025 level at the latest after the weekly figures jumped the most since early March, with the 0.225 mark for the latest week.

Also read: USD/CHF breathes around 0.9930 as DXY pauses, Fed’s mega rate hike odds trims