Market Analysis: Swiss Franc Strengthens to 2020 Pandemic Levels

FXOpen

The USD/CHF rate fell below 0.87 for the first time since the spring of 2020, when financial market participants saw the Swiss franc as a “safe haven” amid panic associated with the spread of the coronavirus pandemic. Perhaps the demand for the Swiss franc in 2023 is facilitated by geopolitical factors: ongoing hostilities in Ukraine, tensions between the US and China.

The immediate hope for the bulls in the USD/CHF market may be presented by:

→ the lower line of the long-term channel (shown in red), which, from the point of view of technical analysis, can become a support for a rebound;

→ new statistics (once again, will be published today at 15:30 GMT);

→ official statements of influential people. For example, FOMC member Christopher J. Waller is scheduled to speak late Thursday evening, his words about new Fed rate hikes will help strengthen the dollar.

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