- USD/CHF consolidates gains for the past four sessions.
- US dollar stays elevated despite disappointing ISM data, FOMC minutes eyed.
- Swiss Franc holds the ground on upbeat economic data.
The buying interest in the US dollar pushes USD/CHF higher in the Asian trading hours on Wednesday. The pair recovered sharply from the low of 0.9193 in the previous trading session to touch the high of 0.9251.
At the time of writing, USD/CHF is trading at 0.9247, up 0.04% for the day.
The US Dollar Index stands at 92.57%, with 0/13% gains. Investors rushed to the safe haven asset after weaker-than-expected US ISM data a day ahead of the FOMC minutes.
The Institute of Supply Management Non-Manufacturing PMI fell to 60.1 in June from an all-time high reading of 64 in the previous month and much below the market expectations at 63.5.
The downbeat data raised the concerns that the economic expansion is slowing down. Investors rushed to the greenback on its safe-haven appeal.
The US 10-year benchmark yields fell toward 1.35%, the lowest level in the past three months following the data.
On the other hand, the Swiss Franc remains on the backfoot after the latest data suggested that the domestic factory activity slowed unexpectedly in June.
As for now, traders are actively looking for the FOMC meeting for insight details about the Fed’s near-term inflation and monetary policy outlook.
USD/CHF additional levels
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