The USD/CHF pair stretches its winning spell for the eighth trading day on Tuesday.
USD/CHF refreshes a five-month high of around 0.8970 as the US Dollar performs strongly, with the Fed policy in focus. The Fed is expected to cut interest rates by 25 bps to 4.25%-4.50%. Investors expect the SNB to cut interest rates further as risks of inflation undershooting SNB ’s target have escalated. The Swiss Franc pair posts a fresh five-month high around 0.
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. Why is the Swiss Franc considered a safe-haven currency? The Swiss Franc is considered a safe-haven asset, or a currency that investors tend to buy in times of market stress.
SNB Fed Dollarindex Supportresistance
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