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USD/CHF trims gains as dollar struggles after yen intervention fears

USD/CHF was around 0.8086 after an intraday high near 0.8128, with the dollar index easing from 100.45.

Reported · Written up by our desk · Major Pairs

USD/CHF pared part of its earlier gains as the US dollar struggled to rebuild momentum after Thursday’s sell off, which was attributed to suspected Japanese intervention to limit excessive weakness in the yen, according to FXStreet.

At the time of writing, the pair traded around 0.8086, after reaching an intraday high near 0.8128. Despite still being up roughly 0.5% on the day, it was set for a weekly decline.

FXStreet also cited the US dollar index, which tracks the greenback against a basket of major currencies, at about 100.07, down from an intraday peak of 100.45.

On the policy front, FXStreet noted that the Federal Reserve held interest rates unchanged in the 3.5% to 3.75% range for a fifth straight meeting, while markets priced in about a 65% chance of a September hike using the CME FedWatch Tool. Swiss traders, meanwhile, were looking ahead to July CPI data, with June annual inflation easing to 0.5% from 0.6%, reinforcing expectations the Swiss National Bank keeps its policy rate at 0%.

Latest closeDollar index 99.80 ▼0.2%

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