The USD/CHF pair climbs to near 0.8850 in Monday’s New York session.
USD/CHF moves higher to near 0.8850 as the US Dollar posts a fresh two-week high. The Fed is expected to begin reducing interest rates in September. USD/CHF trades in a Falling Channel chart pattern. The Swiss Franc asset gains as the US Dollar rises amid uncertainty ahead of the Fed eral Reserve’s interest rate decision, which will be announced on Wednesday. The US Dollar Index , which tracks the Greenback’s value against six major currencies, posts a fresh two-week high around 104.60.
The peg was abruptly removed, resulting in a more than 20% increase in the Franc’s value, causing a turmoil in markets. 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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