USD/CHF continues to weaken as the downtrend extends past 0.8250 as the pair losses almost 1%. Investors seeking safety bought the Swiss Franc after US President Donald Trump threatened to enact tariffs of 50% on Europe and 25% on Apple’s iPhone manufactured overseas. At the time of writing, the pair trades at 0.8203, at new two-week lows.
As of writing, the USD/CHF is tilted to the downside after clearing the bottom fo a ‘bearish flag’ pattern, which indicates that the pair might test the current year-to-date (YTD) low of 0.8038.
Momentum favors further downside, as USD/CHF has achieved a successive series of lower highs and lower lows, with the Relative Strength Index (RSI) remaining in bearish territory.
On its way towards the YTD low, the USD/CHF must drop below 0.8200. A breach of the latter will expose May’s low of 0.8184, followed by 0.8100 and the 0.8050 mark.
On the upside, buyers need to clear the May 22 peak of 0.8396, ahead of the 0.8350 and 0.8400.
The table below shows the percentage change of Swiss Franc (CHF) against listed major currencies this week. Swiss Franc was the strongest against the US Dollar.
USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
---|---|---|---|---|---|---|---|---|
USD | -1.58% | -1.84% | -1.90% | -1.78% | -1.42% | -1.72% | -1.86% | |
EUR | 1.58% | -0.29% | -0.28% | -0.14% | 0.29% | -0.08% | -0.28% | |
GBP | 1.84% | 0.29% | -0.27% | 0.15% | 0.58% | 0.21% | 0.00% | |
JPY | 1.90% | 0.28% | 0.27% | 0.13% | 0.65% | 0.38% | 0.09% | |
CAD | 1.78% | 0.14% | -0.15% | -0.13% | 0.37% | 0.06% | -0.14% | |
AUD | 1.42% | -0.29% | -0.58% | -0.65% | -0.37% | -0.37% | -0.56% | |
NZD | 1.72% | 0.08% | -0.21% | -0.38% | -0.06% | 0.37% | -0.20% | |
CHF | 1.86% | 0.28% | -0.01% | -0.09% | 0.14% | 0.56% | 0.20% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Swiss Franc from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CHF (base)/USD (quote).