USD/CHF under pressure ahead of US inflation data

Ahead of Wednesday's European session, USD/CHF struggles to rebound from intraday lows to 0.8900 amid a cautious market mood ahead of the crucial US inflation data. Despite the pre-data anxiety, there is cautious optimism surrounding the US debt ceiling and banking issues, leading to a retreat in the CHF pair. The downside pressure on the USD/CHF price is due to the recent upbeat earnings season, absence of any fresh banking fallouts, and hopes that US policymakers can avoid a likely "catastrophic" default. The short-term moves of the USD/CHF pair are restricted within a one-month-old falling wedge bullish chart formation, with a possible next bearish movement to the level of 0.8810.

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