Stop-losses and political tensions supporting the CHF
- The situation in the Ukraine is making the traditional safe-haven CHF particularly attractive;
- USD/CHF triggered heavy stops below .8850 on Friday and this level is now the first resistance point;
- EUR/CHF has broken recent daily lows and looks likely to test the SNB resolve at 1.2000 as macro players exit the cross in frustration.
USD/CHF looks very dangerous now and the risk would seem to be firmly to the downside.