- USD/CHF struggles to preserve its intraday gains to a one-week high amid renewed USD selling.
- Rising US bond yields limit the USD losses and lend support to the pair amid the risk-on mood.
- SECO forecasts Swiss economic growth in 2024 and 2025 to be considerably below average.
The USD/CHF pair attracts some sellers following an intraday uptick to the 0.8515 area, or a one-week high and drops to a fresh daily low during the first half of the European session on Thursday. Spot prices currently trade around the 0.8455-0.8460 region, nearly unchanged for the day, and remain confined in a familiar range held since the beginning of this month.
The US Dollar (USD) comes under some renewed selling pressure and stalls the post-FOMC recovery from its lowest level since July 2023, which, in turn, exerts some downward pressure on the USD/CHF pair. Meanwhile, the Federal Reserve's (Fed) not-so-dovish outlook on Wednesday raised questions about the magnitude of interest rate cuts going forward and lent some support to the Greenback. In fact, the updated economic projections revealed that policymakers don't see inflation returning to the 2% target before 2026.
Adding to this, Fed Chair Jerome Powell Fed Chair Jerome Powell said during the post-meeting press conference that the central bank had no intention of returning to an ultra-low-rate regime and dashed hopes for a more aggressive policy easing. This is seen as a key factor that continues to push the US Treasury bond yields higher and should act as a tailwind for the buck. Apart from this, a generally positive risk tone could undermine the safe-haven Swiss Franc (CHF) and contribute to limiting the downside for the USD/CHF pair.
Furthermore, Switzerland’s State Secretariat for Economic Affairs (SECO), in its June economic forecasts, said that the government continues to expect economic growth in 2024 and 2025 to be considerably below average. This, in turn, warrants some caution for bearish traders and before positioning for any further depreciating move for the USD/CHF pair. Investors now look forward to the US macro data – Weekly Initial Jobless Claims, the Philly Fed Manufacturing Index and Existing Home Sales data – for short-term trading opportunities.
US Dollar PRICE Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.27% | -0.30% | 0.29% | -0.39% | -0.91% | -0.67% | 0.07% | |
| EUR | 0.27% | -0.03% | 0.56% | -0.11% | -0.62% | -0.40% | 0.31% | |
| GBP | 0.30% | 0.03% | 0.59% | -0.09% | -0.61% | -0.37% | 0.33% | |
| JPY | -0.29% | -0.56% | -0.59% | -0.64% | -1.18% | -0.98% | -0.25% | |
| CAD | 0.39% | 0.11% | 0.09% | 0.64% | -0.53% | -0.28% | 0.42% | |
| AUD | 0.91% | 0.62% | 0.61% | 1.18% | 0.53% | 0.24% | 0.95% | |
| NZD | 0.67% | 0.40% | 0.37% | 0.98% | 0.28% | -0.24% | 0.72% | |
| CHF | -0.07% | -0.31% | -0.33% | 0.25% | -0.42% | -0.95% | -0.72% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD tumbles to 2024 lows near 1.0460
The US Dollar gathers extra pace and weigh on the risk complex, sending EUR/USD to new YTD lows near the 1.0460 region as the NA draws to a close on Thursday.
GBP/USD dips to multi-month lows around 1.2570
Further losses now motivate GBP/USD to revisit the vicinty of the 1.2570 zone for the first time since early May, always on the back of the strong move higher in the Greenback.
Gold faces extra upside near term
Gold extends its bullish momentum further above $2,660 on Thursday. XAU/USD rises for the fourth straight day, sponsored by geopolitical risks stemming from the worsening Russia-Ukraine war. Markets await comments from Fed policymakers.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
A new horizon: The economic outlook in a new leadership and policy era
The economic aftershocks of the COVID pandemic, which have dominated the economic landscape over the past few years, are steadily dissipating. These pandemic-induced economic effects are set to be largely supplanted by economic policy changes that are on the horizon in the United States.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.