Snapshot: USD/CHF trades at 0.7792, down 0.50% on the session. The Swissy gains as the SNB’s recent rate cut and continued openness to further easing, potentially even a return to negative rates, weighs on the currency. The US ADP employment change at 08:15 ET could offer a short-term counter-move.
- Watch for continued CHF strength if US yields remain suppressed — a break below 0.7772 targets the day’s lows.
- Hantavirus outbreak headlines create a peripheral risk, but unlikely to derail the broader macro picture.
Bias into NY: Short USD/CHF. The SNB’s commitment to managing CHF strength via rate cuts and FX intervention readiness keeps the pressure on; the risk bid in EU cash is helping, but the SNB remains the dominant force.