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1 Dec 2017

USD/CHF drops to 6-week lows amid US political turmoil

  • Tax bill likely to pass at the Senate.
  • USD hit by US political controversy. 
  • CHF benefits from safe-haven demand. 

The USD/CHF pair lost more than a hundred pips during the American session and reached the lowest level in six weeks. The Swissy gained momentum amid demand for safe-haven assets. 

The US Dollar came under pressure after ex-US National Security Agency chief Michael Flynn pleaded guilty to charges that he lied to the FBI about talking with the Russian ambassador. He is the first senior White House official to pledge cooperation in the investigation of Russia’s interference in the 2016 election. 

At the US Congress, the Senate has resumed the debate on the tax bill. Mitch McConnell, the majority leader, expects the voting later today and he mentioned that it has votes to pass the bill. 

Near the end of the session, the greenback is moving of lows but is ending the week with a negative tone after the sharp slide of Friday. In a few minutes, it lost weekly gains against many of its rivals. The positive tone from the tax bill was offset by the escalation of the Russiagate. 

USD/CHF was near weekly highs above 0.9850 and tumbled to 0.9733 in minutes. As of writing, it was at 0.9775, off daily lows but headed toward the fourth weekly decline in a row. 

Levels to watch 

To the downside, support levels might be located at 0.9730/35 (Dec 1 low), 0.9725 (20 WMA) and 0.9670 (Sep 29 low). On the upside, the FXStreet's technical confluence indicator identifies resistance at 0.9780, 0.9825 and 0.9845.

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