USD/CHF retraced more than half of the 800-pip rally that it had recorded after the U.S. election. A lot will depend on politics, in both U.S. and Europe, this year but as long as SNB keeps interest rates low, the pair will remain supported.

500-pip pullback bottomed just below the top of last year's channel, near 200 DMA. The pair is now back above parity level with 50 DMA the next target. Stronger demand may start coming in between 0.995 and 1.00.

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