USD/CHF hits 1-week low

By FXstreet.com | August 08, 2014 AAA

FXStreet (Córdoba) - The Swiss franc strengthened Friday and dragged the USD/CHF to fresh weekly lows benefited by safe-havens demand.



Adding to ongoing conflicts, US President Barack Obama authorized targeted airstrikes in Iraq. Against this backdrop of high geopolitical instability, the yen, the franc and gold strengthened given their safe-haven status.



The USD/CHF lost more than half a cent throughout the day and bottomed out at 0.9046 at the beginning of the European session, having recovered a few pips ever since. At time of writing, the pair is trading at the 0.9065 area, still 0.24% below its opening price.



From a wider view, the USD/CHF is still headed to print its fourth weekly gain in a row, after hitting a 7-month peak of 0.9114 Wednesday.



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