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USDCHF: To Parity and Beyond

USDCHF: To Parity and Beyond

2017-05-09 15:17:00
Oliver Morrison, Analyst
Share:

Entry: At market (1.0057 at the time of writing)

Stop: 0.9550 (200-DMA)

Target 1: 1.0108 (April 10 high)

Target 2: 1.0170 (March 7 high)

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Safe havens are suffering in the wake of Emmanuel Macron’s Presidential victory in France, which has becalmed Europe.

Volatility is tumbling, with the VIX closing yesterday at its lowest level since 1993 as investors seek returns in riskier assets.

This spells bad news for safe havens such as the Swiss Franc, which has dropped against its rivals, and good news for the Dollar, which is polishing its ‘King Dollar’ crown once again. As such, one of the most forceful FX moves is in USD/CHF, which has made gains for a fourth day straight.

USD/CHF has broken trend-line resistance in the 1.00400 area, so continued gains are on the cards. The next major hurdle is resistance in the 1.0145-50 area, which if breached opens up the next move to as high as 1.030.

Chart 1: USD/CHF Daily Chart (December 2016 to May 2017)

USDCHF: To Parity and Beyond

Chart by IG

--- Written by Oliver Morrison, Analyst

To contact Oliver, email him at oliver.morrison@ig.com

Follow Oliver on Twitter @OPWMorrison

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