by SignalFactory · September 1, 2021 | 08:33:30 UTC
USD/CHF edges higher in the Asian trading hours on Wednesday. After testing the high at 0.9186 at the beginning of the week, the pair retraced back and made a low of 0.9115 in the US session.
The US Treasury yields trade higher at 1.31% with more than 1% gains. The US Dollar Index (DXY) moves in tandem with the benchmark 10-year yields movement and trades below 93.00, which capped the gains for USD/CHF.
US Chicago Business barometer fell to 66.8 in August from 73.4 in July, below market forecasts of 68.
On the other hand, the Swiss Franc picked the momentum on broad-based USD weakness, despite the downbeat economic data.
The KOF Economic Barometer in Switzerland eased to 113.5 in August and much below the market expectations of 125. Meanwhile, according to Swiss National Bank Vice President, Fritz Zurbruegg Switzerland’s housing market is in the danger zone of a correction as prices continue to rise and are far from affordability.
As for now, traders are waiting for the US ADP Employment Change, ISM Manufacturing Purchasing Managers Index (PMI) data to gauge the market sentiment.
USD/CHF Long (Buy) Enter at: 0.91845 T.P_1: 0.92000 T.P_2: 0.92335 T.P_3: 0.92700 S.L: 0.91076
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