The war in Ukraine strengthens safe-haven currencies. As the euro finds itself in free fall against the dollar and the Swiss franc, the markets have witnessed a strong rise in safe-haven currencies such as the Swiss franc, the dollar and the yen.

EUR/CHF is approaching parity, a level that the pair has not reached since the Swiss National Bank (SNB) abandoned the floor rate in January 2015. EUR/USD is also moving in a channel long-term bearish. As a result, prices rallied to the lower boundary around $1.0910. Therefore, a market bottom is now plausible in the short term. Assuming that the buyers appear on this key threshold, the EUR/USD should rebound towards $1.1000 and then $1.1070. Given the geopolitical context, the pair remains under pressure, so it is difficult to envisage a complete rotation of prices towards the upper limit of the channel.