The USD/CHF pair extends its upside to around 0.8955 during the early European session on Tuesday, bolstered by the renewed US Dollar (USD) demand.
USD/CHF gains momentum to near 0.8955 in Tuesday’s early European session, adding 0.16% on the day. The Fed is expectedto cut interest rates by a quarter of a percentage point at the December meeting on Wednesday. Geopolitical risks could boost the safe-haven currency like the Swiss Franc and cap the upside for the pair. The USD/CHF pair extends its upside to around 0.8955 during the early European session on Tuesday, bolstered by the renewed US Dollar demand.
Between 2011 and 2015, the Swiss Franc was pegged to the Euro . The peg was abruptly removed, resulting in a more than 20% increase in the Franc’s value, causing a turmoil in markets. Even though the peg isn’t in force anymore, CHF fortunes tend to be highly correlated with the Euro ones due to the high dependency of the Swiss economy on the neighboring Eurozone.
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