USD/CHF rose slightly during the Tuesday session as the Dollar found itself in trouble, but the safety of the Franc wasn’t needed. The pair is being held aloft by the Swiss National Bank as the central bank is willing to intervene if the Franc appreciates too rapidly. Because of this , we are not sellers of this pair, and are simply looking for opportunities to buy this pair.
The rising of this pair makes sense as long as there is fear out there. The Franc cannot be a safe haven currency anymore, as the Swiss will certainly not hesitate to intervene, so the buying of the US dollar will be the preferred route. The pair looks like it have a bit of support at 0.9000, but the candle for the day looks very weak. We are willing to wait on this pair, and buy the next supportive daily candle we see.
Written by FX Empire