USD/CHF Spikes Above 0.9750 but Fails to Sustain Gains

USD/CHF Spikes Above 0.9750 but Fails to Sustain Gains

USD/CHF spiked to fresh daily highs as the greenback strengthened broadly on the back of Fed’s statement on monetary policy.

The Fed left the target range for the fed funds unchanged at 0.25%-0.50% as widely expected, but removed reference to the global and financial developments posing risks to their outlook, tilting the statement to the hawkish side.

USD/CHF wavered from a low of 0.9679 to a peak of 0.9751 in a matter of minutes but failed to sustain gains and pulled back to negative ground for the day. At time of writing, the pair is trading at 0.9715, 0.19% below its Wednesday’s opening.