USD/CHF drops to fresh lows after comments from North Korean foreign minister

Matías Salord FXStreet

The Swiss franc gained momentum during the last hour across the board. It started to raise during Draghi’s presentation at the European Parliament and then soared after North Korean foreign minister said that US President comments over the weekend were a declaration of war.

ECB’s Draghi: ECB must be sensitive about not halting the recovery

N. Korean ForMin: Trump's comments over weekend were clearly a declaration of war

USD/CHF was testing last week highs near 0.9750 and reversed sharply erasing daily gains in a few hours. The pair bottomed at 0.9682 and at the moment trades at 0.9690, slightly below Friday’s close.

EUR/CHF dropped from 1.1575 and reached fresh lows under 1.1500 while GBP/CHF erased all gains. The Swissy, the yen and gold rose sharply during the last hour.

USD/CHF Technical levels

To the downside support levels might be located at 0.9665 (Sep 22 low), 0.9650 (Sep 19 high) and 0.9590. On the upside, immediate resistance is now seen at 0.9710/15 (Asian session high), followed by 0.9745 (Sep 21 & 25 high) and 0.9765 (Sep 16 high).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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