The Swiss Franc is advancing versus the Pound on Friday, snapping a two-day losing streak. The Swiss Franc settled on Thursday -0.1% lower at 1.2158 on dire Swiss data and as UK Prime Minister Boris Johnson said that the UK had passed the COVID-19 peak.
The Swiss Franc is advancing despite the last week’s negative Swiss data. This is because the Swiss Franc is seen as a safe-haven. The dire economic situation across the globe, combined with growing fears of a second chapter to the US-China trade war are boosting demand for the Franc.
President Trump fuelled fears of reigniting the US Sino trade war by threatening to impose tariffs on China in retribution for China failing to contain the coronavirus. President Trump also said that he has seen evidence proving that COVID-19 started in a lab in Wuhan, China. The elevation of political tensions between the two powers is boosting flows into safe havens.
GBP/CHF LONG (Buy)
ENTER AT: 1.209700