Swiss Franc is no Match as US Dollar takes Center Stage
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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: Last month we wrote that the Swissie may have been at a substantial turning point as we saw early signs of crowd capitulation. We were early, but the USDCHF turned higher and sentiment has similarly seen a material shift.
There is risk that a EURCHF breakdown could put pressure on the Dollar pair, but our broader calls for Greenback strength leave us bullish the Dollar/Swiss Franc exchange rate.
--- 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.