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The Swiss franc is one of five Major currencies. However, this isn't because of its trading volumes: USD/CHF accounts for just 4% of global foreign exchange volumes (less then than USD/GBP, USD/AUD or even the USD/CAD currency pairs).
Instead, the Swiss franc acts as a safe haven - a currency that investors turn to as a store of value rather than a source of capital appreciation at times of market turmoil. For example, the Swiss franc appreciated by 15% against the Dollar from 1.1964 on July 1st to 1.3779 on August 11th following the downgrade of the United States' credit rating by Standard & Poor's.
Switzerland's neutrality, stable political system and secretive banking system make Switzerland a popular destination for risk-averse investors. However, the currency's long standing ties to gold also explain its role as a store of value. Formerly, the Swiss National Bank (SNB) was required to redeem banknotes into gold on request. Until 1997, the Swiss constitution required that at least 40% of the currency be backed by gold reserves. Since, a constitutional amendment lowered the threshold to 25% and the bank's gold reserves have fallen. However, the Swiss franc maintains to this day a strong positive correlation with gold. When the price of gold rises, the Swiss franc is likely to appreciate in response.
The USDCHF is trading at session highs - following the USDs move up. The last push has taken the price above the 100 horu AM at 1.0082 and also the 50% of the move down from last week's highs. Traders who leaned against that level are being forced to ...and more » More »
Get the USD/CHF Forex signal for February 27, 2017 here.and more » More »
The USD/CHF has increased today and has resumed the Friday's bullish candle, right now is pressuring an important static resistance. Could increase further if will have enough energy to stay much above the 1.0000 psychological level. Technically should ...and more » More »
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