With commodities higher and stocks lower, Swiss Franc is on the perfect stage to extend gains over the upcoming weeks; gold is nearing $ 1430/oz, while oil reached $ 104 in recent trade. At the same time, Wall Street continues falling into deep red, with DJIA down 165 points and S&P losing 1.26% by the time of writing.
USD/CHF that reached a fresh record low this week at 0.9201, has been limited to the upside by 0.9330, and quotes around 0.9266 at this point, still bearish according to Slobodan Drvenica from Windsor Brokers Ltd; he stated that “while above 0.9230, scope exists for fresh recovery attempt, though, regain of 0.9320 is required to confirm, otherwise return to 0.9200 and fresh record lows on a break, would be the likely scenario”.
