USD/CHF Pierced 2-Year Channel Support (-2%), Crashed Intraday After Debt Ceiling Bill Passed Senate

Look at USDCHF's 2-year descending channels and the crash today. To be bullish it needs to take out that near term downtrend line and find support on one of these descending channels. USD/CHF just crashed so the first attempt at finding channel support didn't work out that well. The Senate vote on the debt ceiling just passed, so is U.S. Dollar/Swiss Franc now pricing in downgrade risk? QE3? Or something else. Swiss Franc is a safe haven currency. More from CNN Money:

"The dollar has become the safe haven currency of last resort," said Michael Woolfolk, senior currency strategist at Bank of New York Mellon. "The fact that it's still weakening against the Swiss franc and the yen immediately raises a red flag."

USD/CHF 2 year channels (

USD/CHF Intraday crash (


  1. The new safe haven Swiss Franc! But what about all the Franc-denominated loans made to Eastern European consumers? How they supposed to pay back those loans with such a dear Franc?

  2. uh oh, thanks for pointing that out. Swiss Franc and the possibility of huge mortgage defaults in Central Europe

  3. @rossg_ is where I'm hiding out right now.

  4. Yeah, I figured out how to find you on Chromed Bird. The Twitter website wasn't helping me out.


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