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The Swiss franc had the largest march for one day since 2015 yesterday, as it appeared as a favorite caller for the safe haven who left the dollar. Usd/CHF is initially on 0.820 this morning after the decline overnight, which witnessed the level of 0.814 that was briefly touched, the FX analyst from FX notes.
Pharmaceutical risks/CHF slides about 0.800
“It seems that the market’s preference for the Swiss franc reflects the risks of the Swiss National Bank (SNB) will intervene to prevent excessive Chif.
“On Monday, SNB publishes visual deposit numbers for the month of March. The rise in visual deposits is generally an indication that the bank interferes in weakening the franc. This may not indicate what SNB does or plan to do it in April, where the CHF gains in March Vs The USD were more inevitable, and UR/ChF actually on German of Fiscal.
“But the market, which is clearly considered to the excessive defensive alternative to the dollar, may read the sedimentary vision deposits as another reason to survive Chif. SNB Do you intervene to stop the assembly or trade related to the transformation of the tide and the dollar, and the risks remain on the negative aspect of USD/CHFWhich can test 0.800 before recovering sustainable. “
