FUNDAMENTAL ANALYSIS
The developments in the Greece saga suggest that the CHF's strength could come to an end as its role as a safer European currency diminishes.
As the euro's prospect brightens, the USD/CHF could benefit from the positive momentum and exit its range-bound trading. It also profits from any dollar-positive data.
Improving risk-sentiment relieves some of the pressure on the EUR/CHF. The pair is off its all-time low, but has not shown any sign of a sustainable retracement yet.
The Swiss National Bank still has not intervened to prevent further strengthening of the Swiss franc against the euro, but comments from SNB officials suggest that they are ready to to so if the need arises.
TECHNICAL ANALYSIS
The USD/CHF is stuck within a wide range between 1.0500 and 1.0750. The pair is supported by a daily trendline, but struggles to find a new direction.
The two support/resistance levels act as key triggers. A rebound off the 1.0500 support would indicate a re-test of 1.0750. On the other direction, a breach of 1.0500 could trigger protective stop-loss orders and bring the pair down to the 1.0200 region.
Support and Resistance
| R1: 1.0750 | S1: 1.0500 |
| R2: 1.0884 | S2: 1.0436 |
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