USD/CHF has been in a broad 1.0315/1.0625 consolidation for about the last 5 weeks and it is hurtling towards the base of this range, now down almost 200 pips on the day. Interbank dealers can tell me nothing more enlightening than ‘safe-haven’ buying but then again this reason gets trotted out for every CHF rally.
Should the market break below 1.0330 then there is not much support until a weekly low at 1.0130 and the flat trendline support behind there at 1.0080.