USD/CHF retraces its gains from the last three sessions, trading around 0.8930 during the early European session on Monday.
USD/CHF faces challenges as the US Dollar declines amid lower yields. Stronger US PMI data has fueled speculation about delaying the Fed's rate cut, which in turn supports the Greenback. The Swiss Franc may further struggle as the SNB is expected to implement another rate cut in September. The US Dollar Index , which measures the value of the US Dollar against six major currencies, edges lower to near 105.70.
8 in May, beating the consensus estimate of 53.7. The Swiss Franc struggled against the US Dollar after the Swiss National Bank decided to cut rates for the second time in the year, lowering rates from 1.50% to 1.25% on Thursday. Additionally, SNB Chairman Thomas Jordan said the CHF strengthened significantly in recent weeks, adding that the central bank is ready to intervene in the FX market, per Reuters. This might have put pressure on the Swiss Franc and underpinned the USD/CHF pair.
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