Swiss Franc Likely to Fall Further versus US Dollar
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Swiss Franc – The US Dollar continues to hold important lows versus the Swiss Franc, and the fact that the recent USDCHF reversal has occurred on a material shift in sentiment favors continued strength.
Trade Implications – USDCHF: Three weeks ago we wrote that the Swissie may have been at a substantial turning point as we saw early signs of crowd capitulation. We were early, and this is not an error we take lightly. Yet the exchange rate subsequently turned higher as sentiment similarly reversed from all-time records. The Dollar looks likely to trade to further highs versus the Swissie. Our Senior Strategist sees that a broader Greenback reversal may be imminent.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.