The USD/CHF pair struggled to capitalize on its modest Asian session uptick and is currently placed near the lower boundary of its daily range amid a subdued US Dollar (USD) price action. However, the spot prices managed to hold above the 0.8200 mark as traders opted to wait for the outcome of the two-day FOMC monetary policy meeting that began today.
The Federal Reserve (Fed) is scheduled to announce its decision on Wednesday and is widely expected to keep interest rates steady. Moreover, traders have been trimming their bets that the Fed will cut interest rates in June following Friday's upbeat US jobs data and Monday's better-than-expected ISM Services PMI. Hence, all eyes will be on the accompanying policy statement and Fed Chair Jerome Powell's remarks at the post-meeting press conference. Investors will look for cues on the Fed's rate cut path, which in turn will drive the USD and provide some meaningful impetus to the USD/CHF pair.
Meanwhile, rising economic uncertainties led by US President Donald Trump's erratic trade policies failed to assist the USD in attracting any meaningful buyers. Further, persistent geopolitical risks stemming from the protracted Russia-Ukraine war and escalating conflicts in the Middle East overshadowed the recent optimism led by signs of easing US-China trade tensions. This, in turn, was seen lending some support to the safe-haven Swiss Franc (CHF) and helped cap gains for the USD/CHF pair. However, bearish trades seemed reluctant ahead of key central bank event risks. (Newsmaker23)
Source: FXstreet
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