The swissie continues to be one of the top gainers despite SNB head Jordan's comments about intervention
The swissie is only behind the aussie and sterling in terms of gains among the major bloc on the day. And this comes despite comments from SNB head Jordan yesterday that they may intervene if necessary.
Looking at the USD/CHF chart, sellers are in complete control (as of course the dollar remains offered), but even in EUR/CHF sellers are starting to take over as well.
In USD/CHF, the low today (0.9328) once again tests that of the July 2015 low near 0.9330. If that breaks, the next level to look out for is 0.9259 which was the August 2015 low. The next support sits near 0.9200 and thereafter it's a slide down towards 0.9000. It's a slippery slope and once this breaks, it's hard to bet against the pair from falling to those levels considering how fragile the dollar has been.
The drop in the last two days have been exacerbated following the break of the May 2016 low near 0.9420 which has held several times last year.
Meanwhile, in EUR/CHF we're seeing the pair once again heading for a test of the 100-day MA. If sellers manage to break through that level, it's a pain trade just waiting to happen.
