FXstreet.com (San Francisco) - USD/CHF lost significant ground on Wednesday, losing 0.9300 and shedding 60 pips, or 0.7% to 0.9260, closing lower for a third day. Tight ranges are expected today in Asia ahead of the Swiss National Bank interest rate decision, when the central bank is likely to keep rates at the current low, and is likely to reaffirm its commitment to ‘unlimited’ amounts of monetary easing to defend the EUR/CHF 1.2000 ceiling. “This is a good thing for EURCHF bulls as Swiss franc weakness is still likely to persist ahead of the 1.2000 figure on protection from the SNB,” explains Richard Lee, FX Analyst at FXstreet.com.

Should the bearish momentum persist in the global day ahead, beyond immediate support at 0.9240 (overnight low), next bearish target is noted around 0.9210 (Oct 17 low) before a test of bids around 0.9150 (78.6% Fibo, 0.8930/0.9970) is seen. The 0.9300 price zone is likely to attract sellers on rallies.