USD/CHF approaches 0.9300 amid stronger USD
- USD/CHF edges higher on Wednesday in the early European trading hours.
- Higher US Treasury yields underpin the demand for the US dollar.
- The US dollar pares initial losses and trades above 94.00, US job data eyed.
The USD/CHF pair extends the previous day’s gains on Wednesday. After testing the high above 0.9379 on Thursday, the pair failed to preserve the momentum and record a fall of more than 100-pips in three sessions. At the time of writing, USD/CHF is trading at 0.9296, up 0.19% for the day.
The appreciative move in the greenback keeps USD/CHF on the higher side. The US Dollar Index (DXY), which measures the performance of the greenback against the basket of six major currencies, rises above 94.00 with 0.14% gains. Investors await US Job data for a hint on the timing of US Fed policy tightening. Fed already hinted that tapering could begin as soon as November.
In addition to that, the International Monetary Fund (IMF) said that global economic growth could fall below its July forecast of 6% amid inflationary pressure, China’s debt issue, and divergent economic trends. It is worth noting that, S&P 500 Futures is trading at 4,317.75, down 0.37%.
As for now, traders are bracing for the US ADP Employment change data to gauge the market sentiment.
USD/CHF additional levels