The USD/CHF pair discovers an interim support near 0.8520 in Wednesday’s European session after a three-day losing streak.
USD/CHF finds a temporary cushion near 0.8520 with investors focusing on the FOMC minutes. Market sentiment seems quiet with FOMC minutes in focus. Fed Powell may not provide a preset rate cut path in his speech at the Jackson Hole Symposium. The Swiss Franc asset finds cushion as the US Dollar edges higher after posting a fresh seven-month low. The US Dollar Index , which tracks the Greenback’s value against six major currencies, rises slightly to near 101.50 from 101.31.
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.
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