USD/CHF: Current negative interest rate regime still needed: SNB’s Jordan


USDCHF Movement

For the 24 hours to 23:00 GMT, the USD declined 0.37% against the CHF and closed at 0.9596.

Yesterday, the Swiss National Bank’s (SNB) Chairman, Thomas Jordan stated that negative interest rates were still needed to limit the strength of “highly valued” Swiss Franc and to achieve the bank’s goal of price stability.

In the Asian session, at GMT0400, the pair is trading at 0.9615, with the USD trading 0.2% higher against the CHF from yesterday’s close.

The pair is expected to find support at 0.9570, and a fall through could take it to the next support level of 0.9526. The pair is expected to find its first resistance at 0.9662, and a rise through could take it to the next resistance level of 0.9710.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

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