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19 Mar 2015
USD/CHF retraces to 0.9900 on SNB status-quo
FXStreet (Mumbai) - The Swiss National Bank’s (SNB) decision to keep the key rate on hold pulled the Swiss franc away from fresh session lows against the US dollar, knocking off USD/CHF closer towards 0.99 handle.
USD/CHF retreats from 0.9982
Currently, the USD/CHF trades at 0.9907, up 1.28% on the day, retracing from fresh daily highs reached at 0.9982 levels post the SNB announcement. USD/CHF trimmed gains after the Swiss currency got a boost from SNB decision as the Swiss central bank kept the key rate on hold today at negative 0.75%. T
he bank has been waiting to see the full impact of its surprising January decision to drop the EUR/CHF cap and negative interest rates on the Swiss economy.
However, the persistent strength seen in the US dollar against its major counterparts keeps the USD/CHF pair lifted above 0.9900. The US dollar index which measures the relative strength of the greenback against a basket of six major currencies rebounds to 99.33, recording 2% gain on the day.
USD/CHF Technical Levels
To the upside, the next resistance is located at 1.00 levels and above which it could extend gains to 1.0071 levels. To the downside, immediate support might be located at 0.9800 levels and below that at 0.9715 levels.
USD/CHF retreats from 0.9982
Currently, the USD/CHF trades at 0.9907, up 1.28% on the day, retracing from fresh daily highs reached at 0.9982 levels post the SNB announcement. USD/CHF trimmed gains after the Swiss currency got a boost from SNB decision as the Swiss central bank kept the key rate on hold today at negative 0.75%. T
he bank has been waiting to see the full impact of its surprising January decision to drop the EUR/CHF cap and negative interest rates on the Swiss economy.
However, the persistent strength seen in the US dollar against its major counterparts keeps the USD/CHF pair lifted above 0.9900. The US dollar index which measures the relative strength of the greenback against a basket of six major currencies rebounds to 99.33, recording 2% gain on the day.
USD/CHF Technical Levels
To the upside, the next resistance is located at 1.00 levels and above which it could extend gains to 1.0071 levels. To the downside, immediate support might be located at 0.9800 levels and below that at 0.9715 levels.