USD/CHF drops to fresh 28-month low under 0.8850 on Fed decision – by anilpanchal7 USDCHF Fed RiskAppetite Currencies Banks
isk-barometer pair also bears the burden of the market’s fears of US default and banking fallouts. With this, the Swiss Franc pair prints a three-day downtrend near the multi-month low following the biggest daily slump in nearly seven weeks.
Fed lifted its benchmark rate to the highest levels since 2007 by announcing a 0.25% increase, matching market forecasts. The policymakers includingappeared positive while ruling out fears of banking rout. However, a dropping in the statement suggesting the need for further rate hikes gained major attention and weighed on the US Dollar despite the hawkish move.
On the other hand, PacWest Bancorp recently became another US bank to witness the heat of excess withdrawal and is on the brink of collapse. That said, Western Alliance Bancorp is also in the line and hence the US banking sector appears in trouble moving forward, which in turn weighs on theElsewhere, the comments from the White House suggesting debt limit default could cost 8.
Amid these plays, Wall Street closed with minor losses and the yields remain pressured while weighing onMoving on, market players may pay close attention to the risk catalysts for fresh impulse amid a dearth of top-tier data. However, European Central Bank Monetary Policy Meeting can entertain traders.A clear downside break of a three-week-old descending support line, now immediate resistance near 0.8850, directs USD/CHF bears towards the year 2021 low of around 0.8755.
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