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USD/CHF finds support at 0.9700, down 1.45%

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Swiss Franc continued to rise in the market and reached against the US Dollar a fresh 3-month high. USD/CHF broke below 0.9800 during the American session and extended the decline to 0.9694.

    It was rejected from levels under 0.9700 and rebounded back above. The recovery from the lows was capped by 0.9730/35. It was trading at 0.9720/25, down 1.45% for the day.

    USD/CHF without support

    The area around 0.9700 has become a key short-term support but on a wider perspective USD/CHF remains bearish, without signals of a temporal bottom.

    Today is falling for the seventh day in a row. Since the beginning of the month it has fallen 500 pips.

    Two weeks ago the Swissy was among the worst performers creating speculation about an intervention of the Swiss National Bank. Since last Thursday is outperforming among European currencies. EUR/CHF dropped from 1-year highs to 3-week lows at 1.0950 while GBP/CHF is testing 1.4000, trading at the lowest since May.
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