The USD/CHF pair finds temporary support near 0.8900 in Wednesday’s Asian session.
USD/CHF is prone to more downside due to firm speculation that the Fed will start lowering rates in September. The next move in the US Dollar will be guided by the US Services PMI data for May. Fears of SNB ’s stealth intervention in currency markets have strengthened the Swiss Franc.
Economists have forecasted that private employers hired 173K job-seekers, lower than the prior reading of 192K. The Services PMI, which gauges the service sector activity that accounts for the two-third of the economy, is estimated to have returned to expansion. The economic data is seen at 50.5, higher than the former release of 49.4. On the Swiss front, the Swiss Franc has strength amid expectations that the Swiss National Bank could intervene in currency markets to support the Swiss Franc.
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