• This pair has been below it’s 100-day MA since June last year and the overnight close was exactly on it’s current level at .9690
  • The January highs at .9780 were also a 61.8% retracement level and a break above there would weaken the downtrend.

Another factor to note for the CHF is the heavy short-covering in pairs like EUR/CHF and GBP/CHF over the last few days particularly by discretionary-type hedge funds who rely heavily on market information.