Snapshot: USD/CHF is trading at 0.8093, up 0.17% on the day. The Swiss National Bank’s unwavering commitment to FX intervention, despite benign inflation and a zero policy rate, remains the dominant domestic driver. Today’s US Flash PMIs are the primary catalyst for NY session price action.
- SNB’s readiness to intervene is the key constraint on CHF weakness.
- Watch for US Flash PMI prints at 09:45 ET for immediate direction.
Bias into NY: The path of least resistance for USD/CHF appears to be sideways to slightly higher into the US open, contingent on the US PMIs not printing significantly below expectations. However, any sustained move higher will likely be capped by the SNB’s implicit threat of intervention, keeping the pair anchored around 0.8100.