USD/CHF in search of a firm direction, stuck in a range just above mid-0.9800s

• Fed rate cut bets held the USD bulls on the defensive and seemed to cap the upside. 
• The prevailing risk-on mood dents CHF’s safe-haven status and remained supportive.
• Traders refrained from placing fresh bets amid thin liquidity and ahead of Friday’s NFP.

The USD/CHF pair extended its sideways consolidative price action on Thursday and remained confined in a narrow trading band, just above mid-0.9800s.

A combination of diverging forces failed to provide any meaningful impetus or assist the pair to build its strong up-move posted at the beginning of this week and led to a subdued action through the mid-European session on Thursday.

The US Treasury bond yields tumbled to more than 2-1/2 year lows amid expectations that the Fed will eventually move to cut interest rates in July, which kept the US Dollar bulls on the defensive and turned out to be one of the key factors capping gains. 

• Fed rate cut bets held the USD bulls on the defensive and seemed to cap the upside. 
• The prevailing risk-on mood dents CHF’s safe-haven status and remained supportive.
• Traders refrained from placing fresh bets amid thin liquidity and ahead of Friday’s NFP.

The USD/CHF pair extended its sideways consolidative price action on Thursday and remained confined in a narrow trading band, just above mid-0.9800s.

A combination of diverging forces failed to provide any meaningful impetus or assist the pair to build its strong up-move posted at the beginning of this week and led to a subdued action through the mid-European session on Thursday.

The US Treasury bond yields tumbled to more than 2-1/2 year lows amid expectations that the Fed will eventually move to cut interest rates in July, which kept the US Dollar bulls on the defensive and turned out to be one of the key factors capping gains. 

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