USD/CHF oscillates in a range just above mid-0.8600s, upside potential seems limited – by hareshmenghani USDCHF Fed InterestRate Recession Currencies
st intraday uptick. Spot prices currently trade just above mid-0.8600s and remain well within the striking distance of over a one-week high touched last Thursday. manages to preserve its recent recovery gains from its lowest level since April 2022 touched last week and turns out to be a key factor acting as a tailwind for the USD/CHF pair.
It is worth recalling that the markets have been pricing out the possibility of any further rate hikes by the US central bank after the widely anticipated 25 bps lift-off in July. Investors, however, doubt if the Fed will commit to a more dovish policy stance or stick to itsfor a 50 bps rate hike by the end of this year. Hence, the focus will remain glued to the outcome of a two-day FOMC policy meeting on Wednesday.
Apart from the key FOMC decision, investors will scrutinize the accompanying monetary policy statement and Fed Chair Jerome Powell's comments at the post-meeting press conference for clues about the future interest rate-hike path. The outlook, in turn, will play a key role in influencing the near-term USD price dynamics and help investors to determine the next leg of a directional move for the USD/CHF pair.
In the meantime, concerns about a global economic downturn, along with the worsening US-China trade ties and geopolitical risks, could undermine the safe-haven Swiss Franc and cap gains for the major.
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