USD/CHF Slide Halts, Barely Turns Green on Monday
- USD/CHF pair keeps steady near 0.9150
- Traders await the latest updates from the FOMC meeting on Wednesday
USD/CHF Slide Halts
The USD/CHF pair has been in a solid downtrend for April. Since the start of the month, the exchange rate has depreciated 3.50% to the current market price of 0.9150. On Monday, the pair logged its sixth day in green territory throughout the month with over 18 days of declines, seven of them consecutive. The USD/CHF barely managed to eke out some green yesterday, posting a gain of only a few pips.
On April 1, the USD/CHF climbed to a nine-month high at 0.9468 before bears took charge and pressured the pair to Monday’s low of 0.9122. Yesterday’s lowest price reached levels not seen since March 3 when the pair was ascending to higher grounds.
On Monday, the quiet session balanced the demand for US dollars and Swiss francs as buyers and sellers couldn’t decide where to take the pair. The US dollar is considered a relatively riskier currency prone to move higher by a stronger risk-on flow. In contrast, the Swiss franc has a reputation as a safe haven across the currency market.
Fed’s Commitment Reiterated
Last week, traders in the pair tried to lift the rate but efforts fell short and a three-day push didn’t yield any sustainable movement. Soon after, on Friday, the pair dipped again, moving lower by 0.40% on the day.
On the economic front, the key focus this week remains on the Federal Open Market Committee and its policy decision on Wednesday. Developments over the event could either fuel fresh buying momentum into the pair to support bulls to capitalize on the bounce, or the pair could continue on its short-term downturn trend. Federal Reserve Chairman Jerome Powell is likely to announce the central bank will hold interest rates unchanged and bond purchases steady at current levels.
In previous meetings, the Fed chair said he expects US economic growth to pick up as hiring accelerates in the coming months. He has also reiterated multiple times that the Fed will remain committed to providing as much help as needed until the economic recovery is completed and the job market reaches maximum employment.
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