In the absence of any real trend elsewhere, but generally a firmer USD prevailing, we’ve seen traders switch their attention back to the Swiss pairs
Adding to the CHF weakness have been recent comments from SNB members re-iterating their position on the 1.20 EURCHF cap, plus good buying interest from Swiss corporate names as I highlighted yesterday.
At that time we were seeing some decent resistance but a further move this morning has seen EURCHF break higher through 1.2400 to 1.2427 and USDCHF up to 0.9368
We’ve been long-time advocates of buying the dips on these pairs, although admittedly it’s not always been easy to pick the base, and a certain degree of pain has had to be worn on occasion. But hey, whoever said forex is easy ?!
Good two-way action up here on EURCHF with funds earlier seen taking some profit around 1.2420
Currently lower again at 1.2406 and 0.9354
