USD/CHF is closing Tuesday trading shy of 0.9100, the franc is down 0.4% on the day. The spot rate had seen 0.9091 earlier, this is the highest USD/CHF level since November, preceding the Q4 rates repricing that took the dollar on a downtrend
The franc is now among the top underperforming currencies in the G10, paring back some of its 2023 gains. Despite the recent weakness, REER measures show the franc holds to overvalued levels
Alternative market sources had seen hedge fund interest in USD/CHF topside before and after the SNB quarterly March meeting
0.9240 is the next level to watch, this is the 50.0% retracement of the 2023 bear rally. However, the 50 weekly MA stands in the way at 0.9183
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