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28 Jul 2021

USD/CHF refreshes session tops, above mid-0.9100s ahead of FOMC

  • USD/CHF gained some positive traction on Wednesday amid a modest USD strength.
  • A goodish pickup in the US bond yields underpinned the USD and remained supportive.
  • The risk-off mood might benefit the safe-haven CHF and cap gains ahead of the FOMC.

The USD/CHF pair traded with a mild positive bias, around mid-0.9100s heading into the North American session, albeit lacked any strong follow-through buying.

Having found some support near the 0.9130-25 region, the USD/CHF pair edged higher on Wednesday and for now, seems to have snapped two consecutive days of the losing streak. The US dollar was back in demand amid a goodish pickup in the US Treasury bond yields. This, in turn, was seen as a key factor that acted as a tailwind for the major.

However, the prevalent risk-off mood benefitted the safe-haven Swiss franc and capped the upside for the USD/CHF pair. Investors remain worried about the economic fallout from the spread of the highly contagious Delta variant of the coronavirus. This, along with China's regulatory crackdown, took its toll on the global risk sentiment.

Apart from this, investors also seemed reluctant to place any aggressive bets, rather preferred to wait on the sidelines ahead of the highly-anticipated FOMC monetary policy decision. Market players will look for a clear answer to the crucial question of when the tapering will begin, which, in turn, will influence the greenback.

In the meantime, the US bond yields will play a key role in driving the USD and provide some trading impetus to the USD/CHF pair. Apart from this, traders will further take cues from the broader market risk sentiment to grab some short-term opportunities around the major.

Technical levels to watch

 

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