The Swiss National Bank kept interest rates on-hold during Thursday policy decision, maintaining the overall deposit rate at a record low, –0.75 percent. In the meantime, how does the USDCHF pair trade? The answer is given in the 16 March USDCHF Technical Outlook.
16 March, OctaFX – The official monetary policy statement from the SNB said that the ‘SNB remain active in the foreign exchange market as necessary’ whilst also noting that ‘the Swiss franc remains highly valued’.
The Swiss franc currency showed only a muted reaction to the decision, as SNB policymakers showed no obvious change in communication to financial markets participants.
The USDCHF pair initially slipped lower in early-week trading, finding support just above the 0.9400 level, although price-action later recovered back towards the 0.9500 level.
16 March USDCHF Technical Outlook
The USDCHF pair remains bearish whilst trading below the 0.9510 level, further declines towards 0.9350 and 0.9280 appear likely.
Should the USDCHF pair move above the 0.9510 level, further upside towards 0.9580 and 0.9650 remains possible.
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