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USD/CHF finds support ahead of 0.9600

FXStreet (Córdoba) - USD/CHF pulled back from 1-year highs and trimmed last week's gains on Monday, as the dollar loses momentum across the board and as swissy investors turn their attention to the "gold referendum".

While USD/CHF backed away from recent high of 0.9741, EUR/CHF touched its lowest level since September 2012 at 1.2020, even as polls show support for the yes vote in the gold referendum is not gaining any traction. “If it is ultimately approved by the voters and the cantons, the Swiss National Bank would be required to 1) keep 20% of its reserves in gold, 2) no longer be able to sell gold, and 3) retain possession of its gold holdings in Switzerland”, explained Marc Chandler, analyst at BBH.

USD/CHF dipped to a low of 0.9615 before climbing back to the 0.9640 zone, where it is currently trading, down 0.21% on the day.

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