The USD/CHF pair rebounds to near the psychological resistance of 0.9000 in Tuesday’s European session.
USD/CHF recovers to near 0.9000 ahead of Fed Powell’s testimony. Investors expect that the Fed will start reducing interest rates from September. Market speculation for more rate cuts by the SNB has improved. The Swiss Franc asset moves higher as the US Dollar gains ground ahead of the Fed eral Reserve chair Jerome Powell’s semi-annual Congressional testimony, which is scheduled at 14:00 GMT.
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 Inflation Supportresistance
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