The USD/CHF pair falls sharply after testing the round-level resistance of 0.8700 in Monday’s European session, the highest level seen in more than two months.
USD/CHF falls back from 0.8700, following the US Dollar’s retreat. This week, the US Dollar will be guided by a slew of US economic data. Swiss Franc bulls will strengthen after a Bullish Flag breakout. The Swiss Franc pair traced the US Dollar’s move, which retreated after revisiting an almost three-month high, with the US Dollar Index falling from 104.60. The US Dollar struggles to extend its upside move as investors turn cautious with an array of United States economic data in the pipeline.
The peg was abruptly removed, resulting in a more than 20% increase in the Franc’s value, causing a turmoil in markets. Even though the peg isn’t in force anymore, CHF fortunes tend to be highly correlated with the Euro ones due to the high dependency of the Swiss economy on the neighboring Eurozone. Why is the Swiss Franc considered a safe-haven currency? The Swiss Franc is considered a safe-haven asset, or a currency that investors tend to buy in times of market stress.
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