Fresh lows since 2015
USD/CHF is at the lowest levels in five years as the pair crumbles ahead of the FOMC meeting. The market is acting like the Fed is going to announce (or pre-announce) something.
More amazing than the long-term chart (above) is that the pair has now fallen in seven straight days.
This pair is tied to bond yields and the decline to a record low in 5-years today means the US has no effective positive carry. That’s not exactly new though.