Hello traders,

With 7 days to go before one of the most dramatic U.S. presidential elections in history, politics are clearly overshadowing economics. According to the latest poll from ABC News/Washington Post, Hillary Clinton and Donald Trump are neck to neck with Trump leading Clinton by a single percentage point (within the margin of error) for the first time in nearly 6 months. The growing possibility of a Trump presidency has made investors nervous and they expressed their worries by selling stocks and the U.S. dollar.

The franc was Tuesday’s top performer as traders seemed to run for safety onto the safe-haven Swissie. SNB President Jordan reiterated his view that the franc is overvalued but that that did not seem to halt the CHF bulls. Now that support has been broken, we could see a further selloff of the dollar.
Swiss retail sales printed an expected 2.3% year-over-year drop while the manufacturing PMI beat expectations by rising from 53.2 to 54.7 versus the 53.9 forecast.

USDCHF Daily breaks confluence of support

On the Daily time frame we saw the pair breakout of the range previously held by support and current MPP at 0.9861, now acting as resistance. Today the pair broke the confluence of trendline support, a close below could see exposes support at MM1 0.9640 and MS2 0.9556 which is this month's target for the bears. Bulls could push the price up again giving us a chance to join the selloff at the specified levels on the charts.

USDCHF H4

Looking to sell on the levels specified on the charts

USDCHF H1

Looking to sell on the levels specified on the charts

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