USD/CHF trades with modest gains around 0.8700, just below over two-week high set on Friday – by hareshmenghani USDCHF RiskAppetite Fed Inflation Currencies
The risk-on mood undermines the safe-haven CHF and acts as a tailwind for the major.The USD/CHF pair
attracts some dip-buying near the 0.8675-0.8670 area on the first day of a new week and moves back closer to over a two-week high touched on Friday. Spot prices currently trade around the 0.8700 round-figure mark and look to build on last week's goodish rebound from mid-0.8500s, or a fresh low since January 2015.
The prevalent risk-on environment - as depicted by a generally positive tone around the equity markets - is seen undermining the safe-haven Swiss Franc and acting as a tailwind for the USD/CHF pair. The US Dollar , on the other hand, holds steady just below a nearly three-week high and remains well supported by elevated US Treasury bond yields, bolstered by prospects for further policy tightening by the Federal Reserve .
The aforementioned fundamental backdrop, meanwhile, seems tilted in favour of the USD bulls and supports prospects for some meaningful near-term appreciating move for the USD/CHF pair. Traders, however, might refrain from placing aggressive bets and prefer to wait on the sidelines ahead of this week's important US macro releases scheduled at the beginning of a new month, including the closely-watched NFP report on Friday.
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