USD/CHF holds steady near monthly tops, above 0.9700 mark post-SNB

  • The SNB decided to leave its sight deposit rate unchanged at -0.75%.
  • The decision did little to provide any meaningful impetus to USD/CHF.
  • A sustained USD buying remained supportive of the pair’s mild bid tone.

The USD/CHF pair traded with a mild positive bias and held steady above the 0.9700 mark, or monthly tops post-SNB monetary policy decision.

The pair extended its recent bullish trajectory and gained some follow-through traction for the third consecutive session on Thursday – also marking its fifth day of a positive move in the previous six – amid sustained US dollar buying.

The greenback remained well supported by concerns over tightening liquidity conditions and a rush to hoard cash amid worries about the economic fallout from the coronavirus pandemic and a sudden spike in volatility across the global financial markets.

The intraday move seemed rather unaffected by the fact that the Swiss National Bank (SNB) – in the latest monetary policy meeting held this Thursday – decided to maintain status-quo and leave its sight deposits rate unchanged at -0.75%.

Given that SNB's limited policy room and the fact that the recent interventions, to some extent, have been effective to stabilize the market, the announcement did little to influence traders or provide any meaningful impetus to the major.

Technical levels to watch


Today last price 0.9751
Today Daily Change 0.0067
Today Daily Change % 0.69
Today daily open 0.9684
Daily SMA20 0.9581
Daily SMA50 0.9667
Daily SMA100 0.9761
Daily SMA200 0.9818
Previous Daily High 0.9751
Previous Daily Low 0.9566
Previous Weekly High 1.189
Previous Weekly Low 0.9183
Previous Monthly High 0.9851
Previous Monthly Low 0.9609
Daily Fibonacci 38.2% 0.968
Daily Fibonacci 61.8% 0.9637
Daily Pivot Point S1 0.9583
Daily Pivot Point S2 0.9482
Daily Pivot Point S3 0.9398
Daily Pivot Point R1 0.9768
Daily Pivot Point R2 0.9852
Daily Pivot Point R3 0.9953



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