USD/CHF hit its highest level in nearly two weeks on Tuesday amid CHF underperformance despite risk-off equity market flows.Market commentators speculated that SNB intervention might be behind a portion of Tuesday’s weakness.hit its highest level in nearly two weeks on Tuesday as the Swiss franc lost its safe-haven shine despite further downside in US equities and ongoing Italian political uncertainty. The pair broke to the north of its 200 and 21-day moving averages in the 0.
A big question will be, if markets continue to trade with a risk-off bias for the rest of the week, will safe-haven demand for CHF return? And would any return of safe-haven demand for the franc be enough to shield it from safe-haven demand from the buck? From a technical perspective, if USD/CHF manages a clean break above 0.9200, then a move back to 2022 and December 2021 highs near 0.9300 will be o the cards.
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