Bank of America argues that the Swiss franc has reasserted itself as the true safe-haven hedge. BofA says the trend of the CHF being used more like gold, and a hedge against problems like rising US debt, could continue. Unlike the yen, which has lost much of its appeal as a pure haven.
Technically, recent candles might indicate buyers are attempting to build a base, but there’s no decisive reversal yet.
If the pair breaks below 0.5980, the next support sits near 0.5935 – a level that triggered a strong bounce on June 21. A break below that could open the way toward 0.5900 and 0.5860.
On the upside, if the 0.6000 handle holds, short-term resistance lies at 0.6030, with stronger pressure at 0.6065.
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