USD/CHF drops over 1% amid FX intervention speculation
The USD/CHF pair has retreated for the second consecutive day, falling more than 1% due to growing speculation of an intervention in the FX markets.
The pair hit a 10-day low of 0.8039, slightly above the 50-day Simple Moving Average (SMA) at 0.8027.
Despite the decline, the market structure remains upward-biased as long as spot prices are above the 50-day SMA and the July 10 cycle low of 0.8010.