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USD/CHF tends to end Friday’s session flat slightly gaining at 0.9200 level. The pair had at one point been nearly as high as 0.9240, but a sharp, surprise worsening in Consumer Confidence in November according to the University of Michigan’s Index that pushed the pair from highs and back towards 0.9200.
The headline consumer sentiment index dropped to an 11-year low at 66.8 versus forecasts for a small rise to 72.4 from 71.7 in October.
If Fed is feeling the pressure to turn more hawkish in the coming weeks, then this is likely to keep the upwards pressure on USD/CHF.
While some further profit-taking following the dollar’s advances this week might see the pair slip under 0.9200 next week, it is likely to remain a buy on dips.
A gradual move back towards the late September highs in the 0.9350 area seems likely as long as Treasury yields can maintain recent upwards momentum.
