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  • USD/CHF has fallen over half a percent as safe-haven demand firms on Monday.
  • This move comes despite a strong performance in the indices this afternoon.

USD/CHF daily chart

CHF and JPY have performed well on the first trading day of the week (Monday) as safe-haven demand seems firm. This is a surprising development after the beat on non-farm payrolls and the rising stock markets in the US.

On the downside, there is a support zone at 0.9541 which is the previous wave low. If this level gets taken out it could mean the downtrend might be kicking off again. The main support on the chart remains the psychological 0.95 zone as the price has bounced here in the past and it seems to inspire a strong reaction. 

The Relative Strength Index indicator is looking bearish once more as it trades under the 50 level. There had been a bullish divergence and this could be negated very soon if the price continues to fall. The MACD also looks like it is on the turn lower. The signal lines are moving back under the midline and the histogram is currently very thin. 

USDCHF safe haven demand

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