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20 Mar 2014
USD/CHF rises to 2-week highs
FXStreet (Córdoba) - The USD/CHF pushed higher and managed to break higher, rising to fresh 2-week highs following the SNB decided to leave rates unchanged and reiterated the bank is ready to take further measures if needed to reinforce the EUR/CHF peg at 1.20.
The USD/CHF broke above the 0.8830 resistance area, triggering stops and extending gains to a high of 0.8868 before losing momentum. At time of writing, the USD/CHF is trading at the 0.8860 area, recording a 0.6% gain on the day. Yesterday's FOMC statement unleashed an USD rally across the board that has been also underpinning the USD/CHF.
USD/CHF outlook
"The external factors (mainly Fed) are drivers behind CHF depreciation since yesterday. Although the technicals turned on the upside, USD/CHF remains at risk", says Ipek Ozkardeskaya, analyst at Swissquote Bank SA. "The Swiss franc is subject to potential safe haven inflows as long as tensions between Russia/Ukraine occupy the headlines".
The USD/CHF broke above the 0.8830 resistance area, triggering stops and extending gains to a high of 0.8868 before losing momentum. At time of writing, the USD/CHF is trading at the 0.8860 area, recording a 0.6% gain on the day. Yesterday's FOMC statement unleashed an USD rally across the board that has been also underpinning the USD/CHF.
USD/CHF outlook
"The external factors (mainly Fed) are drivers behind CHF depreciation since yesterday. Although the technicals turned on the upside, USD/CHF remains at risk", says Ipek Ozkardeskaya, analyst at Swissquote Bank SA. "The Swiss franc is subject to potential safe haven inflows as long as tensions between Russia/Ukraine occupy the headlines".