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The USD/CHF is an interesting currency pair for many traders. It tends to be negatively correlated to the EUR/USD and the GBP/USD but price movement has historically been reliant on the monetary policy set by the Federal Reserve and the Swiss National Bank.
Like the USD, the CHF is considered a haven currency, which lends it strength in times of economic uncertainties. The Swiss National Bank is also considered particularly aggressive when it comes to monetary policy, with the strength of the CHF, especially versus the EUR, seen as paramount for Switzerland’s export-led economy. Like the EUR/USD and the GBP/USD, the best time to trade the USD/CHF is in the overlap between the US and European markets. Spreads on the USD/CHF can fluctuate quite widely between brokers, with the industry average at 1.6 pips but much tighter spreads can be found.
The table below shows the Forex brokers with the lowest trading costs for USD/CHF, including the spread and commission. It also details the industry average spread and industry average trading cost for 1 lot of USD/CHF.
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Broker | Overall Rating | Official Site | Min. Spread | Commission | Cost of Trading (USD) | Ind. Avg. Spread | Ind. Avg. Trading Cost | Max. Leverage (Forex) | International Regulators | Trading Desk | Hedging | Scalping | Compare |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
 | 2.29 pips | USD 0 | USD 22.90 | 1.66 pips | USD 19.20 | 30:1 |     | Market Maker | Yes | Yes | |||
 | 2.70 pips | USD 0 | USD 27 | 1.66 pips | USD 19.20 | 30:1 |    | Market Maker | Yes | Yes | |||
 | 1.10 pips | USD 0 | USD 11 | 1.66 pips | USD 19.20 | 200:1 | | Market Maker | Yes | Yes | |||
 | 0.60 pips | USD 0 | USD 6 | 1.66 pips | USD 19.20 | 30:1 |    | NDD | Yes | Yes | |||
 | 1.60 pips | USD 0 | USD 16 | 1.66 pips | USD 19.20 | 30:1 |     | Market Maker | Yes | Yes | |||
 | 0.40 pips | USD 4 | USD 8 | 1.66 pips | USD 19.20 | 30:1 |   | STP | Yes | Yes | |||
 | 0.19 pips | USD 7 | USD 8.90 | 1.66 pips | USD 19.20 | 30:1 | | Market Maker NDD | Yes | Yes | |||
 | 0 pips | USD 0 | USD 0 | 0 pips | USD 0 | 30:1 |   | Market Maker NDD | Yes | Yes | |||
 | 0.79 pips | USD 0 | USD 7.90 | 1.66 pips | USD 19.20 | 30:1 | | ECN/DMA | Yes | Yes | |||
 | 1.80 pips | USD 0 | USD 18 | 1.66 pips | USD 19.20 | 30:1 | | Market Maker | Yes | Yes |
If we see a continuation or escalation of hostilities, expect gold, oil, and the USD to push even higher
EM currencies are all already seeing a lift, with the South African Rand hitting 20-month highs against the USD.
Expect a relatively rapid reduction in interest rates for all major currencies and a period of increased volatility.
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