USD/CHF tumbles to 1-year lows on Trump’s businesses investigation

USD/CHF reversed from 2-day highs at 0.9620 during Draghi’s press conference and recently tumbled, hitting levels under 0.9500 after Bloomberg reported that the special council Muelle is examining the dealings of Trump, Kushner and Manafort. The US dollar dropped sharply across the board and gold soared after that report. 

The pair was already moving to the downside following ECB events but accelerated after the report. 

Mueller expands probe to Trump business transactions - Bloomberg

USD/CHF testing 0.9500

The pair bottomed at 0.9492, the lowest since May 3, 2016. Then bounced back above 0.9500. It is trading at 0.9515/20, still under pressure and near the 2016 low (0.9443). 

The area where the pair is now is relevant from a technical perspective. It is a strong support and a significant close below, would signal a continuation of the slide. The next two long-term supports could be seen at 0.9200/20 and 0.9000. 

EUR/CHF back at July highs 

Despite rising again the US dollar, the Swiss franc is down against the euro. EUR/CHF reached 1.1075, the highest level in a year and currently trades at 1.1065/70, having the best day in months.