Small Relief for Swiss Franc
The Swiss franc had a small relief today, rising after four consecutive sessions of losses, but it’s unlikely that the currency could profit from worries about Europe.
The franc was falling for four straight days against the dollar and the yen, touching yesterday the lowest level since October 10. The movement against the euro was sideways this week, but today the Swiss currency also rose a little, following the drop yesterday.
Today’s rally is most likely just a bounce in the bearish movement. One may ask for a reason of such outlook and the answer is simple: the
USD/CHF was down to 0.9160 from 0.9218 today as of 8:53 GMT, following yesterday’s rally from 0.9191 to the daily high of 0.9233. CHF/JPY went up from 83.44 to 83.76 after yesterday the currency pair dropped from 83.73 to the low of 83.31. Meanwhile, EUR/CHF ticked down from 1.2404 to 1.2372 today.
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Earlier News About the Swiss Franc:
- SNB Resists Urge to Weaken Franc Further (2011-11-10)
- Franc Drops as CPI Falls, SNB Ready to Intervene Again (2011-11-07)
- Swiss Franc Lower as Foreign Currency Reserves Decline (2011-11-05)
- Franc Down as Swiss Economy Loses Momentum (2011-11-02)
- Franc Gains vs. Dollar, Retreats vs. Yen (2011-10-29)