22 Jan 2015
USD/CHF steadies after SNB's Zurbruegg comments
FXStreet (Mumbai) - The Swiss franc shaved off previous gains and trades unchanged against the US dollar in the late-Asian session, after yet another failed attempt to breach 0.8500 levels in the previous session.
Currently, the USD/CHF traded flat at 0.8602 levels, posting fresh daily lows at 08592 levels few minutes ago. The pair steadied following reports that SNB’s Governing Board Member Fritz Zurbruegg told the Swiss daily that all monetary policy options stand open after removal of franc cap which includes linking franc to euro and US dollar. He further added that it would be too early to predict whether Switzerland will enter recession.
The pair is expected to remain cautious as traders speculate over the ECB's next move in their upcoming meeting later today.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.87 levels and above which it could extend gains to 0.8804 levels. To the downside, immediate support might be located at 0.85 levels and below that at 0.84 levels.
Currently, the USD/CHF traded flat at 0.8602 levels, posting fresh daily lows at 08592 levels few minutes ago. The pair steadied following reports that SNB’s Governing Board Member Fritz Zurbruegg told the Swiss daily that all monetary policy options stand open after removal of franc cap which includes linking franc to euro and US dollar. He further added that it would be too early to predict whether Switzerland will enter recession.
The pair is expected to remain cautious as traders speculate over the ECB's next move in their upcoming meeting later today.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.87 levels and above which it could extend gains to 0.8804 levels. To the downside, immediate support might be located at 0.85 levels and below that at 0.84 levels.