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Forex: Swiss Franc jumps against the Euro and Dollar on possible SNB intervention

Fri, Oct 30 2009, 11:48 GMT
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FXstreet.com (Barcelona) – The Swissy has jumped suddenly in the last hour against the Euro and Dollar to reach intra-day high levels. The EUR/CHF has risen around 100 pips from 1.5080 to break MA55 hourly at 1.5110 and MA200 hourly at 1.5120 to hit 1-week high at 1.5172. Currently the pair is trading around 1.5125/35, 0.15% above today's opening price action.

USD/CHF has jumped 85 pips in the last hour from 1.0155 to trade above MA55 hourly at 1.0220 and reach intra-day high at 1.0240. Currently the pair is trading aroun 0.30% above today's opening price action.

Valeria Bednarik, FXstreet.com collaborator, comments in her blog: “Again, EUR/CHF moved under 1.5100 and jumped up 80 pips in 15 minutes, while dragging USD/CHF from 1.0170 to 1.0230; Euro feel the movement and dropp quickly to test the 1.4800 area. If this gives up, look for the 1.4770 area there! Swissy should move above 1.0230 to test the 1.0285 level.”

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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

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Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

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