The Swiss National Bank continued accumulating substantial gold-and-currency reserves in July. According to the monthly report provided by the SNB, the reserves increased by ₣41.1 bn up to ₣406.5 bn in July, which is a new record.
The increase was mainly based on currency interventions aimed at curbing the strengthening of the Swiss Franc. The central bank tried to defend the 1.2000 level (EURCHF).
Forex.
According to , the Swiss Franc keeps retracing against the US Dollar. The experts report that USDCHF has finished forming wave А(С)/С inside a bigger-scale downswing represented by wave А/В of level Daily.
A further downswing (on breaking the 0.9656 low) will probably meet support around 0.9462. The current bearish move will be completed as soon as the price overcomes the top of the MF sloping channel and consolidates above 0.9897 (as shown below).
