In a development that hurts investor confidence and will undermine confidence in Russia, it seems that a terrorist suicide bomber exploded himself in the baggage claim area of the main Moscow airport.

From the NYTimes: Deadly Blast Strikes in Moscow's Main Airport

An explosion rocked an international terminal of Moscow's busiest airport on Monday afternoon. There were conflicting reports on the number of dead and injured, but the toll appeared to be rising rapidly. The authorities were seeking to determine the cause.

Russia's Interfax Agency initially reported that the blast in the airport, Domodedovo, killed as many as 10 and left many more injured. Russia's Investigative Committee said there were at least 20 casualties, without differentiating between injured and dead. The Health Ministry reported that 31 people had been killed and 130 injured, according to Ria Novosti.

The news caused some risk-aversion flows into the Swiss Franc, which staged strong gains against the US Dollar, the Pound, and the Euro.

As we can see in Today's FXTimes Technical Update on the GBP/CHF, there is a chance for a downward move in this pair, and today'd action helps move us further along in this scenario.

GBP/CHF

We have to see if there will be any follow-up to this news development in the currency markets.

For a look at the effects on the USD/CHF, see today's FXTimes Technical Update: USD/CHF Confirms Head and Shoulder; Sliding Towards 0.9430.