USD/CHF unfazed near mid-0.9400s post-SNB
| • SNB maintains status quo, leaves deposit rate unchanged at -0.75%.
• SNB reiterates willingness to intervene in FX market if needed.
• CHF moves little post-SNB announcement.
The USD/CHF pair lacked any firm directional bias and continued with its directionless trading action post-SNB announcement.
The pair remained confined in a narrow trading range and seesawed between tepid gains/minor losses after the Swiss National Bank, at its quarterly monetary policy assessment, decided to leave deposit rate unchanged at -0.75%.
The central bank held the 3-Month Libor Target Range steady between -1.25% to -0.25% and reiterated its willingness to intervene in FX markets, if needed, but failed to provide any fresh impetus.
Meanwhile, a subdued US Dollar price action also did little to influence the pair's momentum, with renewed concerns over a global trade war lending some support the Swiss Franc's safe-haven appeal and further collaborating towards capping the pair.
Technical levels to watch
Immediate resistance is pegged near 0.9475 level, above which the pair seems to aim back towards conquering the key 0.95 psychological mark. On the flip side, 0.9430-25 area seems to protect the immediate downside, which if broken could accelerate the fall even below the 0.9400 handle towards its next support near the 0.9380-75 region.
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