USD/CHF extends downside below 0.8500 on softer US Dollar, dovish Fed

The USD/CHF pair extends its decline around 0.8460 during the early European session on Thursday.

USD/CHF trades in negative territory for the third consecutive day near 0.8460 in Thursday’s early Asian session. Weaker US economic data and dovish Fed weigh on the US Dollar. Softer inflation in Switzerland supports the case for another rate cut by the SNB. The growing speculation that the US Federal Reserve will cut a larger interest rate in September exerts some selling pressure on the US Dollar .

Even though the peg isn’t in force anymore, CHF fortunes tend to be highly correlated with the Euro ones due to the high dependency of the Swiss economy on the neighboring Eurozone. Why is the Swiss Franc considered a safe-haven currency? The Swiss Franc is considered a safe-haven asset, or a currency that investors tend to buy in times of market stress.

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