The USD/CHF pair rose during the Friday session as the “risk off” trade came back into play. The 0.91 level is the start of support all the way down to 0.90, and this area produced a bounce as expected. Selling this pair down here isn’t possible as the Swiss National Bank and it’s floor in the EUR/CHF pair should continue to keep the value of the Franc down in general. With the problems going on in Europe, owning the Franc isn’t necessarily what we want to do anyway. We see the 0.9250 level as being key, and getting above that is necessary to add to our longs, and would show the bulls coming back into power.
Written by FX Empire