- USD / CHF remains relatively quiet after closing positive on Tuesday.
- The US Dollar DXY Index is moving sideways near 93.00.
- The major Wall Street indices are looking to take advantage of Tuesday’s gains.
After failing to close above 0.9200 on Monday, USD / CHF gained traction and reached its highest level since July 8 at 0.9233 on Tuesday. With market action subdued in the absence of high-level data releases and fundamentals, the pair appears to be in a consolidation phase. moving sideways just above the 0.9200 level.
The rise of the USD loses steam
The USD market valuation continues to affect USD / CHF movements in the first half of the week. The US dollar DXY index closed for the fourth day in a row in positive territory on Tuesday and advanced to its highest level since early April at 93.19 on Wednesday. At the moment, the DXY index remains sideways around 93.00.
But nevertheless, the strong rebound observed in the main Wall Street indices has limited the rise of the DXY index. The S&P 500 Index rose 1.5% on Tuesday and made it difficult for the USD to remain strong. Currently, S&P futures are up 0.45%, suggesting that the bullish momentum in US equities is likely to remain intact after the opening bell.
The US economic calendar will not offer any data for the rest of the day and it is likely that the perception of risk will continue to affect the valuation of the USD / CHF pair.