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6 Mar 2014
USD/CHF plummets to 0.8800, eyes February lows
FXStreet (Córdoba) - A weak US dollar pushed the USD/CHF sharply to the downside, falling so far on Thursday more than 70 pips. The pair weakened on the European session and accelerated during and after Mario Draghi’s press conference, once the price broke below 0.8850. Price bottomed at 0.8794 and erased weekly gains in a few hours.
Ahead of Wall Street last trading hour the USD/CHF is trading around 0.8800 around the same price level it opened on Monday, almost a hundred pips below today’s opening price.
With the recent decline the USD/CHF confirmed the downside bias, as the price was unable to rise above 0.8900. From there the pair tumbled approaching to February lows that lie at 0.8776.
Ahead of Wall Street last trading hour the USD/CHF is trading around 0.8800 around the same price level it opened on Monday, almost a hundred pips below today’s opening price.
With the recent decline the USD/CHF confirmed the downside bias, as the price was unable to rise above 0.8900. From there the pair tumbled approaching to February lows that lie at 0.8776.