USD/CHF Tumbles Amid Speculation of Intervention

The USD/CHF pair has fallen for the second straight day, down over 1% amid speculation of an intervention in FX markets. This has led to a boost in the Japanese Yen.

Despite the decline, the market structure remains upward-biased as long as prices stay above the 50-day Simple Moving Average (SMA) at 0.8027 and the July 10 cycle low of 0.8010.

The Relative Strength Index (RSI) has turned bearish, but with price action showing bulls are still in control, caution is warranted for a potential bullish resumption.