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SNB keeps monetary policy unchanged. Shorter-term inflation forecast was bumped up while longer-term one was pared. They still deem the franc as highly valued and stand ready to intervene in the foreign exchange market. USD/CHF looks supported below the parity level. Absent new risk-off developments, the path of least resistance is to the upside.
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USD/CHF remains steady as SNB softens language on franc
As expected, SNB left monetary policy unchanged. However, the bank downgraded the language on franc overvaluation from "significantly overvalued" to "highly valued". They also marginally bumped up inflation forecasts.
USD/CHF spiked lower initially, but buyers were waiting in the dip and took the pair back to the top end of the short-term range. Area between 100 DMA and 0.97 big figure is the next target. 0.96 - 0.9625 should hold, if the bulls are indeed in control.
USD/CHF spiked lower initially, but buyers were waiting in the dip and took the pair back to the top end of the short-term range. Area between 100 DMA and 0.97 big figure is the next target. 0.96 - 0.9625 should hold, if the bulls are indeed in control.
EURo pauses after cautious ECB
UPDATE 6: ECB acted as expected last week and removed phrase "or lower" from the line "interest rates to remain at present or lower levels for an extended period of time". The bank remains cautious as they lowered growth and inflation forecasts for the year.
The market expected a little bit more hawkishness from them and subsequently sold off. Dip buyers have been quick to step in however and push the pair back above 1.12. 1.11 - 1.115 should hold if this rally is to continue. 1.13 is the next t…
The market expected a little bit more hawkishness from them and subsequently sold off. Dip buyers have been quick to step in however and push the pair back above 1.12. 1.11 - 1.115 should hold if this rally is to continue. 1.13 is the next t…