By FXEmpire.com
The USD/CHF has risen quite rapidly on Monday, as well as over the last few days as the Swiss National Bank looks like it wants to attempt a peg to the Euro in order to stem its rise. The conversation has scared a lot of the weaker players out of the markets, and we have shot straight up to the 0.8000 level. As you can see on the chart, it appears that we have failed to break above that level so far, and that we could get another leg down.
Any confirmation or refusal to peg this currency will have massive effects on the future of the Franc. The action on the Monday candle looks somewhat exhaustive, and as such – we are willing to step in on the short side if we can break the bottom of the Monday range. The pair certainly looks vulnerable suddenly, and this latest spike might just be another selling opportunity after all. We would have to close above 0.8000 on the daily chart to consider going long of this pair.
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