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CHF: Worst of the day, among the best of the year

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 31, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - The Swiss franc is falling across the board on Wednesday, the last day of trading of the year. On a year basis, the European currency is among the top performers with the US dollar.

    USD/CHF rising on Dec 31

    The pair continues to rise during the American session, strengthened after breaking above 0.9950 and peaked at 0.9991, the highest level since December 8, on a low volume session ahead of New Year celebrations.

    It was trading at 0.9970, less than 40 pips below the level it had 365 days ago. The Swiss franc is practically unchanged against the US dollar over the year and is among the few currencies that did not fell sharply versus greenback, the top performer.

    A historic year

    The Swiss rose against most currencies during 2015 boosted by the decision of the Swiss National Bank (SNB) to abandon the EUR/CHF peg, January 15. That decision moved markets dramatically and created serious liquidity and balance problems to several brokers. The currency jumped in the market that day by record percentages.

    The USD/CHF managed to recover from the sharp decline and rose reaching multi-year highs boosted by the Federal Reserve rate hike expectations. The US central bank rose rates in December but had a limited market impact as the action was fully expected. The pair ends 2015 practically unchanged, in a historic year for both central bank, the FED and the SNB, that shocked markets.
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