FXstreet.com (Córdoba) - USD/CHF tumbled during the European session to 1.0052, posting a fresh 2-week low. Form there Greenback started to recover but managed to rise only 30 pips to the 1.0085 zone. Currently the pair trades at 1.0083/85, 0.58% below today's opening price. The Swiss is getting closer to 1.0030, which is the lowest price of the current year (15-month low).
Michael J. Malpede, analyst at Easy Forex comments: CHF traded sharply higher Monday supported by a G-20 pledge to maintain stimulus and an IMF statement that USD may still be overvalued. CHF continues to track risk sentiment shrugging off negative Swiss fundamental data. Last week Switzerland reported that the October unemployment rate rose to its highest level in 11 years and consumer prices continued to fall for the eighth month in row. The strong CHF contributes to deflationary pressures in Switzerland and weaker Swiss export trade.(…) Expect USD/CHF support at 1.0015 the July 15th 2008 low with resistance at 1.0275 the November 4th high.