19 Jan 2015
USD/CHF extends consolidation below 0.8800
FXStreet (Córdoba) - USD/CHF inched higher and managed to climb above the 0.87 mark at the beginning of the American session as the Swissy struggles to find a new ‘comfort zone’ following last week's SNB surprise decision to remove the franc cap.
USD/CHF started the week little changed and has traded in a roughly 200-pip range, having touched a low of 0.8538 and a high of 0.8748. At time of writing, the pair is trading at the 0.8745 area, 1.61% above its opening price. So far, USD/CHF has reached a post-SNB high of 0.8807.
Last Thursday, the Swiss National Bank removed the 3-year old EUR/CHF floor and triggered a franc rally across the board that sent USD/CHF from multi-year highs above 1.0200 to multi-year lows sub-0.7400. After wild moves, the franc is now looking to steady as investors gear up for the ECB meeting later this week.
USD/CHF started the week little changed and has traded in a roughly 200-pip range, having touched a low of 0.8538 and a high of 0.8748. At time of writing, the pair is trading at the 0.8745 area, 1.61% above its opening price. So far, USD/CHF has reached a post-SNB high of 0.8807.
Last Thursday, the Swiss National Bank removed the 3-year old EUR/CHF floor and triggered a franc rally across the board that sent USD/CHF from multi-year highs above 1.0200 to multi-year lows sub-0.7400. After wild moves, the franc is now looking to steady as investors gear up for the ECB meeting later this week.