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USD/CHF continuing corrections to 0.9600

FXstreet.com (London) - USD/CHF continues to struggle in a ‘risk off’ environment.

The pair has shed over a further 100 pips in the European session, furthering its losses of yesterday from the highs recently achieved when the market had rallied hard away from the 0.9680 lows on Wednesday during Bernanke’s headline and Q and A’s.

However, the malaise in Europe could bring the SNB closer to considering negative rates and given that the ECB may do the same, the market may still want to be buying USD/CHF in the long term, with daily MA’s in the green.

For the time being, the business climate in Germany printed a figure of 105.7 against expectation of 104.5, which may have exuberated the sell off in the pair, triggering stops, in what is a very disorderly market at the moment. Support comes in at 0.9570 below the 0.9600 until 0.9540 March / April highs.

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