USD/CHF has nearly retraced 38.2% of this week’s drop 0.8240 to this morning’s blow-off low (he says with the benefit of 20-20 hindsight) after the poor employment report. Looks like the slide got a little but ahead of itself but it is hard to argue with the virtues if the franc in a world where countries are imploding under their debt burdens and central banks are making up policy as they go along.
0.7913 is the 38.% retracement of the 0.8240/0.7711 drop. It traded now at 0.7885.
