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COZfx: Minimum exchange rate on the Franc remains the right

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COZfx: Minimum exchange rate on the Franc remains the right

Postby dwang » Wed Apr 02, 2014 2:11 am

COZforex: For the past trading session, the USD fell 0.29% against the CHF and closed at 0.8845.

In the Asian session, USD/CHF is trading at 0.8848, with the USD trading marginally higher from yesterday’s close.

Yesterday, in an interview with the Wall Street Journal, the SNB Chief, Thomas Jordan, stated that the minimum exchange rate “remains the right monetary policy for Switzerland for the foreseeable future.” He further stated that the central bank continues to face the same problem it faced two years ago when the SNB chief took charge that of a strong currency that has pressurised the central bank to hold interest rates near zero for the longest period in more than five decades.

In economic news, the Swiss KOF leading indicator edged down to a reading of 1.99 in March, contradicting analysts’ expectations for the indicator to come in unchanged at previous month’s level of 2.03.

In technical analysis, COZforex senior currency strategist Ian • Quigley said, USD/CHF is predicted to find support at 0.8818, and a drop through could take it to the next support line of 0.8789. Meanwhile, the pair is predicted to find its first resistance at 0.8884, and a rise through could take it to the next resistance line of 0.8921.

Traders are expected to keep a tab on the SVME – purchasing managers’ index data, due for release later today.

(COZ forex UK)
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