The USD/CHF pair extends the rally near 0.8870 during the early European session on Tuesday.
USD/CHF holds positive ground around 0.8870 in Tuesday’s early European session. The Fed is expected to hold the rate at the current level of 5.25% to 5.50% on Wednesday. Uncertainty and the ongoing Middle East geopolitical tensions are likely to cap the Swiss Franc’s downside. The stronger US Dollar broadly provides some support to the pair. The market might turn cautious ahead of the US Federal Reserve Interest Rate Decision on Wednesday.
The peg was abruptly removed, resulting in a more than 20% increase in the Franc’s value, causing a turmoil in markets. Even though the peg isn’t in force anymore, CHF fortunes tend to be highly correlated with the Euro ones due to the high dependency of the Swiss economy on the neighboring Eurozone. Why is the Swiss Franc considered a safe-haven currency? The Swiss Franc is considered a safe-haven asset, or a currency that investors tend to buy in times of market stress.
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