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May 09 - 06:55 AM

USD/CHF - SNB/Fed Divergence Fuels Huge USD/CHF Rally That Can Go Much Further

By Jeremy Boulton  —  May 09 - 04:45 AM
  • Sight deposits data suggest SNB continues to sell franc aggressively

  • Total deposits rise CHF 6 billion the week ending May 6

  • Deposits have risen CHF 25 billion since beginning of March

  • Fed 1st hiked March, now doubles increment to 50bps & reducing balance sheet

  • Between March 31 and May 9 USD/CHF has risen 8.2% from 0.9194 to 0.9945 EBS

  • USD/CHF closing upon 76.4% 2016-2021 decline at 0.9969, door to 1.0343

  • 2016 peak at 1.0343 is highest traded since 2010

  • Min tech correction for 2000-2011 drop is 1.1360

  • A minor correction of losses following 1985 high Plaza Accord is 1.5550




USDCHF drop following Plaza accord Click here

USDCHF 2000-2011 drop Click here

USD/CHF Click here

Source:
Refinitiv IFR Research/Market Commentary

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