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USDCHF overview 23.02.2021

USDCHF jumps on improved risk sentiment.

USDCHF rising strongly today – mainly as the result of the widespread bearish Swiss franc sentiment as the traders are unwinding the previously safe-haven Swiss franc longs taken amid the covid-19 epidemic. The investors are getting out of the Swiss francs on news that more and more countries are starting to experience beneficial effects of the mass vaccination programmes – with the UK PM Johnson speaking about fully reopening in June and the European Commission telling six EU nations to ease unilateral border restrictions they have set up to battle COVID-19. The easing of the restriction is a very clear sign the European economy is on track to the full recovery and will improve the movement of goods and people within the bloc – which is driving the safe haven outflows form the Swiss franc.

Expect buyers on downward corrections.

Next resistance to watch – 0.9045

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