USD/CHF broke down from a steep uptrend channel

The pair broke down from a steep uptrend channel, sending the pair lower towards another major uptrend channel support line. The appeal of safe-haven assets is back following the three (3) consecutive days of stock sell-off in the United States. The pessimistic view of investors in the global economy, particularly in America, was due to the deadly coronavirus. On February 27, the Dow Jones Industrial Average (DJIA) fell 1,191 points, the biggest since August 18, 2011. Cumulatively, the DJIA lost 3,500 last week. Meanwhile, the S&P 500 recorded its worst day since the 2008 Global Finance Crisis. On the following day, February 28, the US announced its first death case relating to the coronavirus. President Donald Trump tried to calm the market by telling Americans not to panic. However, the stock market is saying otherwise. Safe-haven currencies like the Swiss franc and Japanese yen will benefit from a weak US economy.