The USD/CHF pair struggled to capitalize on Friday's US jobs data-led uptick from the 0.8200 level and attracted fresh sellers at the start of a new week. However, the spot prices remained confined within a familiar range for the past two weeks and are currently trading around the 0.8235-0.8230 region, down nearly 0.50% for the day.
The better-than-expected release of the closely watched US Nonfarm Payrolls (NFP) report forced investors to push back their expectations for a 25 basis points (bps) interest rate cut by the Federal Reserve (Fed) to July from June. However, the US Dollar (USD) remained pressured below multi-week highs touched last Thursday amid heightened economic uncertainty over US President Donald Trump's tariffs. Additionally, renewed safe-haven demand benefitted the Swiss Franc (CHF) and contributed to the offered tone surrounding the USD/CHF pair.
Despite hopes for a potential de-escalation of tensions between the US and China, Trump's rapidly changing stance on trade policy keeps investors on the sidelines. Moreover, the protracted Russia-Ukraine war and renewed escalation of conflicts in the Middle East keep geopolitical risks at bay. This, in turn, dampened investors' appetite for riskier assets, as evident from a weaker tone around equity markets and supported the CHF. However, market participants seemed reluctant to place fresh bets around the USD/CHF pair ahead of this week's key central bank event risk.
The Fed is scheduled to announce its policy decision at the conclusion of a two-day meeting on Wednesday. Investors will look for cues on the central bank's further rate cut path, which will play a key role in influencing the USD price dynamics and provide a fresh directional impetus to the USD/CHF pair. Meanwhile, Monday's release of the US ISM Services PMI will be looked upon for short-term opportunities during the early North-American session. (Newsmaker23)
Source: FXstreet
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