USD/CHF tumbles as Swiss franc jumps in the market

USD/CHF is falling almost 1.50%, having the worst performance since early June. The pair has been moving with a bearish bias all day and accelerated the decline during the American session. 

Recently it printed a fresh daily low at 0.9726, lowest in four weeks and it was trading at 0.9745/50. The decline was boosted by a rally of the Swiss franc across the board.

EUR/CHF plummets 

The pair that usually moves around 20 to 40 pips on a daily basis, is losing almost a hundred pips. It opened the day EUR/CHF around 1.0850 and bottomed at 1.0760, the lowest intraday level since June (after the Brexit vote). The euro is headed toward the lowest close since December against the Swiss Franc.

The appreciation is taking place despite the statement of Thomas Jordan, the Chairman of the Swiss National Bank that reiterated that the franc remains overvalued. Safe haven assets are showing gains on Tuesday amid falling equity prices and rising US bond yields. The Swissy and the Yen are the top performers while gold prices are up $15, with the ounce at $1290.