USD/CHF on Wednesday (December 28) New York session dipped into the 0.9320 line in early session and faced a strong rebound in support at the 0.9400 mark, hitting a two-week high of 0.9440. The upcoming Italian long-term debt auction on Thursday raised concerns about the market's escalation. There were also rumors that the end of the year before institutional investors closed their positions, causing the market to drop sharply and triggering a safe-haven demand for the US dollar.

European stocks fell slightly in early trading, with a narrow consolidation pattern. The market continued to maintain a thin trading pattern. USD/CHF broke the Asian sideways range and hit a high of 0.9355.

Afterwards, the Italian Central Bank announced that due to the European Central Bank's liquidity operations and other incidents, it significantly improved market confidence. On the 28th, the country successfully auctioned out 9 billion euros and 1.733 billion euros of semi-annual and 2-year government bonds, among which the yield on semi-annual treasury bonds has risen from historical highs. The sharp fall to 3.251%; two-year government bonds, the yield was 4.853%, also significantly lower than the previous record high of 7.814%. The sharp fall in Italian Treasury auction yields boosted the European stock market, and the market sentiment has continued to pressure the dollar. The USD/CHF therefore reversed to a low of 0.9320.

The Swiss leading index for KOF announced in December fell from 0.34 in the previous month to 0.01, falling for the eighth consecutive month and reaching the lowest level since August 2009, well below the market expectation of 0.23, further deepening the market for Switzerland. The pessimistic outlook for the deterioration of the economic outlook did not provide support for the USDCHF.

In the early morning of the New York market, US stocks fell across the board after the opening of the Italian 10-year Treasury auction. Judging from past transactions, the 10-year Italian national debt has remained at a level of over 7% for most of the time. The analysis generally believes that this level is not sustainable because Greece, Ireland and Portugal are all yielding on their national debt. After receiving a 7% breakthrough, they received outside financial assistance. Under the warming of risk aversion, USDCHF rebounded strongly from the session low and broke the 0.9400 mark, hitting a high of 0.9440.

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