Intraday Market Thoughts

Archived IMT (2008.10.22)

by Ashraf Laidi
Oct 22, 2008 10:33

CHF atempts to join JPY as a safe haven low yielder, dragging USD over the last 4 hours from 1.1690 (USDCHF) to 1.16. One reason CHF has not fulfilled its role of rallying during recent bouts of rising risk aversion is fears about Switzerland's overall exposure to Continental Europe's banking crisis/recession. Note how EURCHF slumped to 5-year lows of 1.4830, reflecting Franc strength before rebounding in last 6 hours to 1.5040. USDCHF seen attempting 1.1950-1.20 over next 2 weeks.


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