USD/CHF defends weekly lows near 0.9230 amid USD broad-based sell-off
|- USD/CHF grinds lower on Thursday in the Asian session.
- Lower US Treasury yields drag the US dollar near 94.00.
- Swiss franc gains are limited on risk-on sentiment.
The USD/CHF pair edges lower on Thursday in the Asian session. The pair fell from the high above 0.9300 in the US session in more than 70-pip movement. At the time of writing, USD/CHF is trading at 0.9235, down 0.05% for the day.
The move was sponsored by the sell-off in the greenback. Investors digested higher US Consumer Price Index (CPI) and insights of the FOMC minutes. The US CPI edged up 5.4% in September, beating market expectations of 5.3%. In addition to that, the minutes from the September FOMC meeting suggested that the policymakers are on the course of the gradual tapering process from mid-November that should be concluded around the middle of 2022.
Meanwhile, US Federal Reserve Governor Michelle Bowman also supported the beginning of the withdrawal of some of the central bank’s crisis-era support for the economy as soon as November. The greenback remained unfazed by the comments.
As for now, traders are looking for Swiss Producer and Import Prices, US Producer Price Index (PPI), and US Initial Jobless Claims to take fresh trading insight.
USD/CHF additional levels
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