USD/CHF holds its position around 0.9100, FOMC Meeting Minutes eyed

USD/CHF inched lower possibly due to the higher yield on 10-year Swiss bond.
SNB Chairman Thomas Jordan will deliver a speech about monetary policy at the Swiss Media Forum on Friday.
The US Dollar may advance due to the hawkish remarks from the Fed officials.

Akhtar Faruqui FXStreet

USD/CHF snaps its three-day winning streak, trading around 0.9100 during the European session on Tuesday. The yield on the 10-year Swiss government bond inched higher to around 0.72%, which has indicated the Swiss National Bank (SNB) to maintain current interest rates. This could have strengthened the CHF and weakened the USD/CHF pair.

Traders await the Employment Level released by the Swiss Statistics later in the week. Also, the Swiss National Bank (SNB) Chairman Thomas Jordan will deliver a speech about communication, monetary policy, and public impact at the Swiss Media Forum in Lucerne, Switzerland on Friday.

On the USD side, the downward correction of the US Dollar (USD) is attributed to the lower US Treasury yields, undermining the USD/CHF pair. The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against the six other major currencies, edges lower to near 104.60 with 2-year and 10-year yields on US Treasury bonds standing at 4.83% and 4.43%, respectively, by the press time.

The US Federal Reserve (Fed) maintains a cautious stance regarding inflation and the possibility of rate cuts in 2024. On Monday, Loretta Mester, President of the Federal Reserve Bank of Cleveland, told Bloomberg that she no longer believes three rate cuts in 2024 are appropriate. Mester highlighted that inflation risks are skewed to the upside and emphasized that there is no harm in spending additional time gathering data on inflation, given the strength of the economy.

USD/CHF

Overview
Today last price	0.9102
Today Daily Change	-0.0004
Today Daily Change %	-0.04
Today daily open	0.9106

Trends
Daily SMA20	0.9097
Daily SMA50	0.9044
Daily SMA100	0.8871
Daily SMA200	0.8876

Levels
Previous Daily High	0.9109
Previous Daily Low	0.9079
Previous Weekly High	0.9103
Previous Weekly Low	0.8988
Previous Monthly High	0.9195
Previous Monthly Low	0.8998
Daily Fibonacci 38.2%	0.9098
Daily Fibonacci 61.8%	0.909
Daily Pivot Point S1	0.9087
Daily Pivot Point S2	0.9068
Daily Pivot Point S3	0.9057
Daily Pivot Point R1	0.9117
Daily Pivot Point R2	0.9128
Daily Pivot Point R3	0.9147

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

AUD/USD consolidates above 0.7000; remains close to monthly top

AUD/USD holds steady above 0.7000 during the Asian session on Friday, trading just below the previous day's monthly low amid diverging forces. A hawkish RBA continues to support the Aussie, while the recent decline in US bond yields keeps the US Dollar depressed near a three-week low. However, oil-driven inflation fears reinforce Fed hike bets, which, along with geopolitical risks, could benefit the safe-haven buck and cap the currency pair.

USD/JPY bounces off one-month low; climbs to 157.00 amid reviving USD demand

USD/JPY rebounds from the 156.00 neighborhood, or a one-month low touched during Friday’s Asian session, with bulls looking to extend momentum beyond 157.00 amid the emergence of some US Dollar buying. Meanwhile, Japan's National CPI rose to a nine-month peak and reaffirmed BoJ rate-hike bets, which could support the Japanese Yen and cap gains for the currency pair.

Gold treads water around $4,000

Gold prices maintain its offered stance in place at the end of the week, hovering around the key $4,000 threshold per troy ounce. The persistent selling bias in the precious metal comes amid decent gains in the US Dollar and an acceptable rebound in US Treasury yields across the curve, all alongside further upside traction in crude oil prices.

Crypto Today: Bitcoin holds the 50-day EMA as Ethereum and XRP face structural resistance

Bitcoin gradually ticks up on Friday, trading above $81,000. The Crypto King has recently defended structural support near $80,000, reinforcing the prevailing bullish outlook. Ethereum similarly edges higher above $2,400, while Ripple trades above $1.32 after testing support around $1.30.

The French bond panic is overdone. Here's what the market is misreading

France's 10-year government bond yield has climbed above 5%, reigniting fears of a sovereign debt crisis in the Eurozone. With public debt exceeding €3.5 trillion, persistent budget deficits and a fragmented political landscape, investors are increasingly questioning the French government's ability to stabilize its finances.

What November 3 means for the Fed's rate path and the US Dollar

The USD faces a decisive period ahead of the November 3 midterm elections. While markets anticipate another interest rate increase from the Fed in December, the battle for control of Congress could reshape fiscal policy expectations and, indirectly, the path of US monetary policy in 2027.