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USDCHF overview 06.11.2020

USDCHF falls as Joe Biden nears victory.

USDCHF continues the yesterday’s losses as the pair is strongly sold mainly due to the safe-haven outflows from the dollar as the investors are betting that Democrat Joe Biden will become the next president of the United States. The safe-haven flows are currently being diverted out of dollar and into Swiss franc (in line with the daily downtrend) – which is a preferred safe-haven outlet for investors still facing a lot of uncertainty because Republicans are expected to retain control of the Senate – which will make it difficult for the Democrats to pass the larger fiscal spending package they have been pushing. This is also putting the bearish pressure on USD. Investors are dismissing Donald Trump’s legal initiatives to stop vote counting – leading to large scale dollar losses.

Nearby resistance now stands at 0.9030 – Expect sellers from this level on upward corrections.

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