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USD/CHF ticks higher on steady SNB

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Swiss franc is losing some ground vs. the dollar on Thursday, sending USD/CHF to the 0.9855/60 band so far.

    USD/CHF within range post-SNB


    Spot kept he composure after the SNB has left unchanged its monetary policy at today’s meeting, with the target range for the 3-month Libor between -1.25% and -0.25% and the interest rate on sight deposits at -0.75%. The decision has matched market expectations.

    The central bank as also reiterated that the franc remains ‘significantly overvalued’. The SNB now sees the economy expanding at an annual pace of 1.5% in 2016 GDP, while inflation is expected at -1.1% in 2015 and -0.5% in 2016.

    USD/CHF relevant levels

    As of writing the pair is up 0.09% at 0.9853 facing the next resistance at 0.9891 (55-day sma) followed by 1.0038 (high Dec.7) and finally 1.0131 (23.6% Fibo of 0.9473-1.0335). On the other hand, a breach of 0.9805(100-day sma) would aim for 0.9677 (76.4% Fibo of 0.9473-1.0335) and then 0.9655 (200-day sma).
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