US$Chf fell sharply on Wednesday, along with all the Chf crosses, as demand for the Swiss Franc soared on the back of safe haven demand following Donald Trump’s comments. Having earlier reached a high of 0.9772 following the previous session’s strong US jobs data, the dollar then turned sharply lower to trade down 0.9611, before closing the day at 0.9635.
On the downside, the dollar has so far pulled up just ahead of the 100 MMA (0.9600), which should be decent support but below which would allow a move towards 0.9565, 0.9545 and eventually to 0.9515.
On the topside, resistance will be seen at 0.9670 ahead of 0.9700 although it seems unlikely that we head back above here for a while. If wrong, look for an eventual squeeze back towards the 0.9772 session high.
Preferred Strategy: Neutral
|24 Hour: Neutral||Medium Term: Neutral|
|0.9772||8 Aug high||0.9611||Session low|
|0.9670||Minor||0.9565||(61.8% of 0.9440/0.9772)|
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