Swiss National Bank Chairman Thomas Jordan says monetary policy is still expansionary and ''we have most likely to adjust monetary policy again.''

This is a rehash of prior commentary where he has been continuously hinting that further interest rate hikes were on the way from the central bank.

In prior remarks recently made, he was saying "determined action" is required to check rising prices has said in trade today there is a "great probability" that the SNB will need to tighten monetary policy further as inflation is likely to remain elevated for a while.

He also said the nominal appreciation of the Swiss franc is helping guard against inflationary pressure. Jordan had said last week that the SNB was prepared to take "all measures necessary" to bring inflation back down to its 0-2% target range and that current monetary policy was not restrictive enough to do the job.

Key comments

Monetary policy is still expansionary and we have most likely  to adjust monetary policy again.

Inflation is very high and there is still a risk that inflation will rise further.

We have an inflation rate in switzerland that is above our target, and expect it to be above our target if we don't take that into account.

Central banks around the world are now in a tightening cycle.

USDCHF update

The SNB is giving another strong hint it will raise interest rates again which sentiment has been giving CHF a boost:

However, the price has dropped to a 150% expansion of the prior consolidation up-top and could be on track for a correction given the support structure it has met and the M-formation.

The weekly chart is also bullish at this juncture:

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