On Monday (September 12) in the European market, USD/CHF oscillated at a high level after falling slightly. The current exchange rate fluctuates around 0.8850.

The USD/CHF Asian market continued its rally last week after the opening bell, breaking the 0.8900 mark, hitting the 4-month high of 0.8926, due to the resignation of European Central Bank Executive Board member Jurgen Stark and France The budget minister said on Sunday that the rescue plan also includes Greece's own recovery plan. If Greece can't do its part, France will stop aiding Greece, and the Greek rescue is still uncertain.

In addition, expectations that Moody's Investors Service Inc may downgrade the Bank of France this week further weighed on market risk appetite. At the same time, Asian and European stock markets fell sharply, and European stocks generally fell by more than 2%. The overall mood is under pressure.

In the recent period when the SNB took resolute measures to limit the appreciation of the Swiss franc and the CHF’s risky currency status, the US dollar strengthened along with the rising risk aversion, pushing USD/CHF to continue to rebound.

Analysts pointed out that USD/CHF is currently consolidating near the 0.8850 level, and the initial resistance in the upward direction is at 0.8945 (May 13 high). After breaking above this level, it will test 0.9015 (April 20 high) and 0.9110 ( April 11 high).

The downside support, first of all, is the 0.8705 (September 12 low) and 0.8570 (September 8 low), below which the 0.8330 (100-day MA) will be tested.

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