USD/CHF Moves North

The USD/CHF pair erased most of the losses it accumulated in the previous weeks due to a very dovish statement by Mario Draghi, the ECB chairman. The Swiss franc was right after the Euro on the depreciation line as both suffered massive sell offs.

Market participants weren't optimistic about the statement by Mario Draghi and flew to the US dollar for safety among the political uncertainties in Europe.

The USD/CHF pair closed very close to parity on Friday and we are now yet to see whether the uptrend will continue and break parity or traders and investors will put selling pressure on the dollar and bring it back below the 50SMA.

Chart: USD/CHF D1