USD/CHF holds position around 0.8050 following Swiss ZEW Survey Expectations

USD/CHF moves sideways after registering approximately 1% losses in the previous session, trading around 0.8050 during the European hours on Wednesday. The pair moves little following the release of the Swiss ZEW Survey Expectations, which eased to a 2.1 decline for June, against the previous 22 decline.

The USD/CHF maintains its position near 0.8034, the lowest since September 2011, which was recorded on Tuesday. This is attributed to the Swiss Franc (CHF) receiving support from safe-haven demand, while the weakening US Dollar (USD) on the Middle East ceasefire. US President Donald Trump announced that a ceasefire between Iran and Israel had taken effect, raising hopes for an end to the 12-day conflict.

However, traders adopt caution amid uncertainty over the ceasefire’s durability. A US intelligence report suggested that US attacks on Iranian nuclear sites have set back Tehran's program by only a matter of months. Additionally, Iranian Foreign Minister Abbas Araghchi said that the country's nuclear program continues.

Federal Reserve (Fed) Chair Jerome Powell stated during his testimony before the congressional budget committee on Tuesday that rate cuts could be delayed until sometime in the fourth quarter. Powell also said that rate cuts may continue if the time is right. However, He noted that data suggests that at least some of the tariffs will hit consumers and will start to see more tariff inflation starting in June.