USD/CHF holds positive ground above 0.9100, eyes on US PMI data

• USD/CHF gains ground near 0.9125 on the risk-on mood in Tuesday’s early European session. 
• The hawkish comments from the Fed lift the Greenback and create a tailwind for USD/CHF. 
• The ongoing geopolitical tensions in the Middle East might boost safe-haven assets like the Swiss Franc. 

The USD/CHF pair trades on a stronger note for the second consecutive day around 0.9125 during the early European session on Tuesday. The risk-on environment amid easing fears of wider tensions in the Middle East provides some support to the US Dollar (USD). Investors await the US preliminary S&P Global Purchasing Managers Index (PMI) data for April on Tuesday for fresh impetus. 

The Fed Bank of Chicago revealed on Monday that the National Activity Index improved to 0.15 in March from 0.09 in the previous reading. However, the data had little to no impact on the Greenback after the release. The hawkish remarks from US Federal Reserve (Fed) policymakers triggered the expectation that the US central bank would delay the rate cut, which boosts the USD against the Swiss Franc (CHF). 

The US preliminary Gross Domestic Product Annualized for the first quarter (Q1) and March’s Personal Consumption Expenditures Price Index (PCE) later this week will be closely watched events and might offer some hints about the possibility of policy easing by the Fed. In case the reports show upbeat data, this could boost the USD and cap the pair’s upside.

On the other hand, the ongoing geopolitical tensions in the Middle East might boost safe-haven flows, benefiting the CHF. Apart from this, the Swiss ZEW Survey for April will be released on Wednesday. On Friday, Swiss National Bank (SNB) Chairman Jordan's speech will be in the spotlight.