The USD/CHF pair remains somewhat stagnant as the trading community currently fears whatever means the Swiss National Bank are willing to take in order to keep the value of the Franc down. The pair has risen quite a bit recently, and as such could be taking a bit of a rest before the next big move, but the 0.8000 level seems to be a massive barrier. Because of this, we see this mark as vital and will be watching it for further hints of direction. The trend is certainly down, and we have to keep that in mind.
The next couple of weeks could be very important for the future of this pair, but we feel that the markets will be very quiet for a while, until that one big move that will be very obvious. With the SNB involved, we aren’t as sure as we once were about the direction, and can only wait for that obvious and massive candle that will certainly appear sooner or later.
Written by FX Empire