USD/CHF: SNB maintains expansionary policy: Quarterly Bulletin


USDCHF Movement

For the 24 hours to 23:00 GMT, the USD rose 0.61% against the CHF and closed at 0.9969.

The Swiss National Bank (SNB), in its quarterly bulletin, signalled that the bank would remain active in the foreign exchange markets as necessary and added that the new conditional inflation forecast for the coming quarters is slightly higher than it was in March 2018.

In the Asian session, at GMT0300, the pair is trading at 0.9961, with the USD trading 0.08% lower against the CHF from yesterday’s close.

The pair is expected to find support at 0.9910, and a fall through could take it to the next support level of 0.9859. The pair is expected to find its first resistance at 0.9994, and a rise through could take it to the next resistance level of 1.0027.

In absence of macroeconomic releases in Switzerland today, investors would focus on global macroeconomic events for further clues.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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