Omg is this possible...the swiss frank is going downhill!!! Does that mean it will be cheaper for us to buy chocolate or cheese?!? hehe. or go on luxurious ski trips to Gstaad or St. Moritz? I sure hope so!!! :)
The Swiss Franc is weakening after talk of more currency interventions from the Swiss National Bank.
Earlier on Monday, SNB Chairman Philip Hildebrand said the central bank will act to prevent an “excessive appreciation” of the Swiss franc, promising to “monitor foreign-exchange developments very closely.”
Trader says the SNB intervened earlier this morning to support the currency against the U.S. dollar and euro.
Indeed, EUR/CHF jumped 38 pips to an intraday high of 1.4795, while USD/CHF spiked 33 pips to 1.0205.
In the past, policy makers have expressed a particular desire to control the franc’s gains against the euro, Switzerland’s largest trading partner.
SNB board members feared that a stronger Swiss franc will cause deflation, a scenario which the central bank is mandated to prevent.
EUR/CHF last traded higher by 7 pips at 1.4760 after trading in a range of 1.4724 to 1.4795 today. Support lies at 1.4724 with resistance at 1.4795 and 1.4827.
Meanwhile USD/CHF last traded lower by 85 pips at 1.0152 after trading in arrange between 1.0131 and 1.0242. Resistance lies at 1.0420 with support at 0.9988.
No comments:
Post a Comment