The swiss franc is seeing some good demand again this morning 13 March
Further to my SNB sight depo report we have EURCHF down to 1.0754 and USDCHF 1,0078 after early highs of 1.0825 and 1,0122.
Along with the obvious absence of the SNB in this latest move back down I'd suggest the other reasons are a combo of:
- short term overbought conditions being corrected after last week's solid rally in EURCHF
- general correction of overbought EUR conditions since ECB last Thursday
- political uncertainties prevailing again providing CHF safe-haven demand
- less of a rise in SNB sight depos for last week than might have been reasonably expected given the SNB's reported heavy on-going intervention to weaken the franc
- increase in govt 2017 CPI expectations to +0.5% vs 0.0% earlier
Apart from "more sellers than buyers" any other theories/info out there ?
In any case EURCHF has demand/bids nearby at 1.0750 and more at 1.0730. USDCHF at 1.0060 and 1.0030.
I remain a dip buyer but always ready to take profit with the general CHF demand on political uncertainty never too far away to counteract the SNB's manipulation.
