FXStreet (Córdoba) – The Swiss franc gained momentum on a quiet Friday and climbed in the market during the American session. USD/CHF fell from a daily high at 0.9441 and bottomed at 0.9400.
Currently is trading slightly above the 0.9400 handle that is under pressure. A break lower could open the doors for a bigger correction. Price is slightly above the level it had on Monday and 75 pips above where it closed last week.
Despite posting weekly gains, USD/CHF was unable to break and consolidate above June highs and the 0.9500 area that continues to limit the upside.
SNB and intervention
During the week, Thomas Jordan admitted that the Swiss National Bank (SNB) intervened in the markets to curb franc’s strength. Fears about Grexit, boosted volatility in the currency markets on Monday, when the intervention might have happen. Swiss traders will likely pay attention to next Monday, when markets open after the US holiday and the Greek referendum results.
(Market News Provided by FXstreet)