USD/CHF clings to gains around 0.9100, bulls await sustained move beyond 100-day SMA – by hareshmenghani USDCHF Fed Bonds RiskAppetite Currencies
Bets for another 25 bps Fed rate hike lift the US bond yields higher and underpin the buck.USD/CHF
pair gains positive traction for the second successive day on Monday and maintains its bid tone heading into the North American session. The pair is currently placed just above the 0.9100 mark, with bulls awaiting a sustained move beyond the 100-day Simple Moving Average before placing fresh bets. rebound from over a one-week low remains uninterrupted on the first day of a new week amid expectations that the Federal Reserve could hike interest rates again to contain stubbornly high inflation.
The Swiss Franc , on the other hand, is pressured by a generally positive tone around the equity markets, which tends to drive flows away from traditional safe-haven currencies. Theremains well supported by the latest optimism over the passage of legislation to lift the government's $31.4 trillion debt ceiling and avert an unprecedented American default.
The markets, meanwhile, have pushed back their expectations for an imminent pause in the Fed's rate-hiking campaign to July and eased off on bets for rate cuts later in the year. This, in turn, favours the USD bulls and supports prospects for a further near-term appreciating move for the USD/CHF pair. A sustained move and acceptance above the 100-day SMA will reaffirm the positive outlook, setting the stage for an extension of the recent upward trajectory witnessed over the past month or so.
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