USD/CHF holds steady above 0.8700 mark, closer to two-week high set last Friday – by hareshmenghani USDCHF RiskAppetite Fed Majors Currencies
k high touched last Friday. Spot prices currently trade around the 0.8725 region and seem poised to build on last week's goodish rebound from mid-0.8500s, or a fresh low since January 2015.
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. Investors continue to cheer the latest optimism over more stimulus measures from China. This, along with expectations that the Federal Reserve will soften its stance amid signs of easing inflationary pressures, remains supportive of the risk-on environment.
That said, the upbeat US GDP report released last week pointed to an extremely resilient economy and kept the door for one more 25 bps rate-hike in September or November wide open. Moreover, Fed Chairhad said that the economy still needs to slow and the labour market to weaken for inflation to credibly return to the 2% target.
The aforementioned fundamental backdrop suggests that the path of least resistance for spot prices is to the upside. Hence, any intraday slide might now be seen as a buying opportunity. That said, it will still be prudent to wait for strong follow-through buying before confirming that
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USD/CHF trades with modest gains around 0.8700, just below over two-week high set on FridayUSD/CHF trades with modest gains around 0.8700, just below over two-week high set on Friday – by hareshmenghani USDCHF RiskAppetite Fed Inflation Currencies
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