December 14, OctaFX – The Swiss National Bank kept interest rates unchanged at -0.75 per cent this week as widely expected, with the central bank striking a dovish tone towards future rate hikes and inflation.
The SNB downgraded inflation forecast for 2019 and 2020, whilst also noting that global downside risks have increased. The SNB also reiterated that the Swiss franc currency remains overvalued and pledged that the central bank will remain active in the foreign exchange market.
USDCHF Technical Outlook
- The USDCHF pair is bearish while trading below the 0.9910 level, further losses towards the 0.9840 and 0.9780 levels remains possible.
- If the USDCHF pair trades above the 0.9980 level, further gains towards the 1.0055 and 1.0100 resistance levels then seems possible.
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