USD/CHF flirts with daily low, around mid-0.9900s amid broad-based USD weakness – by hareshmenghani USDCHF Fed RiskAppetite Majors Currencies
he pair maintains its offered tone through the early part of the European session and is currently flirting with the daily low, around mid-0.9900s.
The US dollar struggles to capitalize on its gains recorded over the past three trading sessions amid speculations that the Fed will soften its hawkish stance amid signs of a slowdown in the US economy. In fact, the USD Index, which measures the greenback's performance against a basket of currencies, stalls its recent bounce from over a one-month low. This, in turn, is seen as a key factor exerting downward pressure on the USD/CHF pair.
The downside for the greenback, however, seems limited amid firming expectations for another supersized 75 bps Fed rate hike at the end of a two-day policy meeting on Wednesday. Apart from this, a goodish recovery in the global risk sentiment seems to undermine the safe-haven Swiss franc. The combination of the aforementioned factors should lend some support to the USD/CHF pair, warranting some caution before placing fresh bearish bets.
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