USD/CHF Makes a Temporary Reversal After Swiss Inflation Jumps

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Swiss CPI figures released earlier today came out above expectations, at 1.4%, leading to a reversal of some recent losses for the Swiss franc against other currencies. Observing the USD/CHF pair, we notice a significant intraday drop that appears to be an impulsive move down from a new high. Ideally, this trend could drive the pair even lower, possibly toward the 0.9 area where new support might be found. The reason is wave C of a potential ABC flat formation. So, despite current sell-off, we still believe that the higher degree trend will resume at some point, perhaps within the next week or so.

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