The USD/CHF posted solid gains of over 0.30% on Thursday as the Greenback recovers some ground, aimed to finish the week with solid gains.
USD/CHF consolidates between 0.8400-0.8550, with bullish momentum suggesting potential for higher prices. Buyers need to clear the 50-DMA at 0.8537 and the September 12 peak of 0.8550 to target 0.8600 and 0.8748. A downside break below 0.8500 could see a retreat toward 0.8400, where buyers may look for a bounce back to 50-DMA levels. As the Friday’s Asian session begins, the pair trades at 0.8522, virtually unchanged.
This is due to the perceived status of Switzerland in the world: a stable economy, a strong export sector, big central bank reserves or a longstanding political stance towards neutrality in global conflicts make the country’s currency a good choice for investors fleeing from risks. Turbulent times are likely to strengthen CHF value against other currencies that are seen as more risky to invest in.
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