The Swiss franc gained on the US dollar today, bouncing from the lowest level since July 2013, as the greenback halted its rally that was fueled by non-farm payrolls released on Friday. The Swissie also managed to log gains against its other major counterparts.
The dollar paused its rally, most likely due to profit-taking, and the Swiss currency took its chance to benefit from this. Yet today’s strength of the Swissie does not mean that the currency’s weakness has ended. As long as the Swiss National Bank wants to keep the franc from appreciation, the currency will be under tremendous pressure, and the SNB demonstrated no signs that it plans to lift the cap on the currency.
USD/CHF fell from 0.9689 to 0.9634 as of 11:57 GMT today. CHF/JPY rose from 113.23 to 113.49 before trading at 113.27.
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