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Small Relief for Swiss Franc

November 18, 2011 at 8:53 by Vladimir Vyun

Swiss francThe 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 euro-peg. The Swiss National Bank tied the franc to the euro on September 6 and since that intervention Switzerland’s currency had a hard time to work its way to the upside.

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.

If you have any questions, comments or opinions regarding the Swiss Franc, feel free to post them using the commentary form below.

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