USD/CHF rose during the session on Monday as officials out of Switzerland stated that they are willing to do what it takes to weaken the Franc. This move ran counter to what went on in all of the usual correlated markets, so we can only assume it had to do with the comments. None the less, the pair finds itself at the 0.9000 level, and this area is well-known resistance. If the pair can move to roughly 0.9075, it might be worth a long as the SNB is obviously working to keep XXX/CHF pairs lofty. Add to that the fact that the USD is the last remaining safe haven currency in an uncertain market, and it makes sense. We cannot sell this pair under any circumstances.
Written by FX Empire