USD/CHF hits fresh weekly low, holds above 0.8600 mark ahead of FOMC decision – by hareshmenghani USDCHF Fed InterestRate RiskAppetite Currencies
The risk-on mood could undermine the safe-haven CHF and help limit any further downside.The USD/CHF pair
The US Dollar extends the overnight modest pullback from a two-week high and continues losing ground for the second straight day, which turns out to be a key factor exerting some downward pressure on the USD/CHF pair. The USD downtick could be attributed to some repositioning trade ahead of the crucial FOMC decision, though is likely to remain limited as traders await fresh cues about the near-term policy outlook.
Hence, the accompanying monetary policy statement and Fed Chair Jerome Powell's comments during the post-meeting press conference will be scrutinized closely for hints about the future rate-hike path. This, in turn, will influence the USD dynamics and provide a fresh directional impetus to the USD/CHF pair. In the meantime, a positive risk tone might undermine the safe-haven Swiss Franc and lend support to spot prices.
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