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USD/CHF remains steady as SNB softens language on franc

As expected, SNB left monetary policy unchanged. However, the bank downgraded the language on franc overvaluation from "significantly overvalued" to "highly valued". They also marginally bumped up inflation forecasts.
USD/CHF spiked lower initially, but buyers were waiting in the dip and took the pair back to the top end of the short-term range. Area between 100 DMA and 0.97 big figure is the next target. 0.96 - 0.9625 should hold, if the bulls are indeed in control.
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USD/CHF steady ahead of the SNB meeting

SNB meets tomorrow and will almost certainly leave monetary policy unchanged. Even though franc weakened against euro markedly in the past couple of months, they will probably reiterate that it remains significantly overvalued. That would be a green light for EUR/CHF bulls.
USD/CHF, however, has been under pressure, owing to U.S. dollar weakness. Strong demand has been notable below 0.95, part of which could likely be attributed to the SNB itself. 50 DMA is the immediate resistance and 100 DMA t…
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Swissie posts a six-year high

Follow-through buying after Wednesday's FOMC decision saw Swissie briefly broke above 2015 high (1.0328) yesterday, posting a six-year high (1.0343). There seemed to be little reaction to the SNB which kept its policy stance unchanged.
The pair is pulling back from the highs and 1.02 - 1.025 looks like a decent initial support. Should the rally continue, the first major resistance is seen near the 2008 - 2016 support/resistance line which is backed by the big figure level at 1.05.
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Gonchar avatar
Gonchar 16 Dec.

Россия рулит

sharpsense avatar
sharpsense 17 Dec.

Good Analysis

al_dcdemo avatar
al_dcdemo 18 Dec.

Thanks to both!

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