On Monday, the USD/CHF gained slightly to 0.8895. Markets are digesting the announcement of US President Joe Biden withdrawing from the presidential race, which caused risk appetites to shift which might limit the upside for the pair.
Political factors centered around the upcoming presidential turnover influenced market sentiments on Monday. Markets are bracing themselves for a packed US economic calendar, creating a volatile week for the USD. Dovish bets on the Fed remain steady. Monday looks quiet, but markets are preparing for a busy week with the US economic calendar. Joe Biden's expected departure from the presidential race favored former President Donald Trump, causing investors to shift towards riskier assets.
These elements are anticipated to add a layer of volatility to the USD. In addition, the S&P PMIs to be released on Wednesday will be closely monitored. Regarding the Federal Reserve position, markets are betting on a 90% chance of a cut in September, but these odds might change with the week’s economic data. USD/CHF technical analysis The short-term technical outlook for the pair is neutral to bearish.
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