USD/CHF wobbles around 0.8060 while US federal reopening measure advances

• USD/CHF consolidates around 0.8060 as the US Dollar trades calmly while the US Senate advances a funding bill.
• The Fed is expected to cut interest rates again in December.
• The SNB is unlikely to turn to negative interest rates.

The USD/CHF pair trades in a tight range around 0.8060 during the European trading session on Monday. The Swiss Franc pair ranges as the US Dollar (USD) steadies after the United States (US) Senate advanced the federal funding bill until January.

At the press time, the US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, consolidates near 99.60.

During the day, eight Democratic lawmakers agreed to support the stopgap bill with Republicans in exchange for endorsing the extension of subsidies under the Affordable Care Act, which will be voted on in December.

The scenario of the US government reopening would allow the release of key economic data, such as Nonfarm Payrolls (NFP) and the Consumer Price Index (CPI), that would support investors in building expectations for the Federal Reserve's (Fed) monetary policy outlook.

Currently, the CME FedWatch tool shows that the probability of the Fed cutting interest rates in the December meeting is 62.6%.

Meanwhile, the Swiss Franc (CHF) trades slightly higher against its major peers, except antipodeans, on hopes that the Swiss National Bank (SNB) will not push interest rates into the negative territory, as Chairman Martin Schlegel stated last week that inflation would accelerate in coming quarters. "Inflation should rise slightly in next quarters, and interest rates are expected to remain on hold for a long time," Schlegel said.