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FOREX: USDCHF Rises to Fresh Cycle Highs as Schlegel Speaks

FOREX
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  • Seeing some Swiss Franc selling as the SNB Chairman reiterates the central bank board cannot rule out going back to negative rates, something that is not new from Schlegel who previously said “we can’t exclude negative interest rates” and that “negative interest rates are in the toolbox of the SNB”.
  • EURCHF, now up 0.15%, has risen to a fresh session high amid the comments, potentially exacerbated by a short-term positioning squeeze following the cross hitting the lowest levels since 2015 earlier today. We noted the early signs of a double bottom on the daily chart, something that could gain credence should the SNB have intervened at all today.
  • Perhaps more pertinent on the charts, USDCHF has now risen to a fresh post-election high, above 0.8920. Exponential moving average indicators continue to highlight a bull trend and medium-term attention now turns to 0.9050 and the key resistance zone between 0.9224/44.
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  • Seeing some Swiss Franc selling as the SNB Chairman reiterates the central bank board cannot rule out going back to negative rates, something that is not new from Schlegel who previously said “we can’t exclude negative interest rates” and that “negative interest rates are in the toolbox of the SNB”.
  • EURCHF, now up 0.15%, has risen to a fresh session high amid the comments, potentially exacerbated by a short-term positioning squeeze following the cross hitting the lowest levels since 2015 earlier today. We noted the early signs of a double bottom on the daily chart, something that could gain credence should the SNB have intervened at all today.
  • Perhaps more pertinent on the charts, USDCHF has now risen to a fresh post-election high, above 0.8920. Exponential moving average indicators continue to highlight a bull trend and medium-term attention now turns to 0.9050 and the key resistance zone between 0.9224/44.