4 Mar 2015
USD/CHF off 7-week high after 'new floor' reports denied
FXStreet (Córdoba) - USD/CHF steadied around 0.9620 after a sudden bout of franc weakness sent the pair to its highest level since the SNB abandoned the EUR/CHF floor on Jan 15.
USD/CHF rose almost 100 pips in a matter of minutes and printed a 7-week high of 0.9682 during the New York session amid reports, that were later denied, that the Swiss Finance Minister thinks a new EUR/CHF floor should be considered.
The spike faded after a Swiss spokesman denied the reports, and sent USD/CHF back to the 0.9620 area. At time of writing, the pair is trading at 0.9630, recording a 0.21% daily gain, the fifth in a row.
“The market’s sentiment, fundamentals, and technicals are all aligned against the franc, so bulls should maintain the upper hand as long as rates hold above the bullish trend line near 0.9530”, said Matt Weller, CMT, analyst at FOREX.com.
USD/CHF rose almost 100 pips in a matter of minutes and printed a 7-week high of 0.9682 during the New York session amid reports, that were later denied, that the Swiss Finance Minister thinks a new EUR/CHF floor should be considered.
The spike faded after a Swiss spokesman denied the reports, and sent USD/CHF back to the 0.9620 area. At time of writing, the pair is trading at 0.9630, recording a 0.21% daily gain, the fifth in a row.
“The market’s sentiment, fundamentals, and technicals are all aligned against the franc, so bulls should maintain the upper hand as long as rates hold above the bullish trend line near 0.9530”, said Matt Weller, CMT, analyst at FOREX.com.