USDCHF tumbles to three-month lows on SNB Jordan’s comments

SNB Chairman says monetary policy not sufficiently restrictive enough.
The Swiss Franc soars across the board, EURCHF falls a hundred pips in minutes.
USDCHF drops to its lowest in three months under 0.9500.

Matías Salord FXStreet

The USDCHF fell sharply to 0.9450, reaching the lowest level since mid-August following comments from the chair of the Swiss National Bank (SNB), Thomas Jordan. The Swiss Franc became the top performer of the American session, with the EURCHF falling a hundred pips to 0.9743, the lowest in a month.

Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank, said on Friday the central bank is reading to take all necessary measures to bring inflation back into the range of price stability. He mentioned they have to take action and mentioned monetary policy is not sufficiently restrictive enough.

Jordan’s comments boosted the Swiss Franc. The USDCHF was already lower on the back of the broad-based slide of the US Dollar and tumbled to 0.9450 on his comments. It then rebounded back toward 0.9500.

The pair is about to post a weekly loss of more than 450 pips, extending the reversal after making a double top at 1.0150. The Dollar is suffering the worst weekly performance in months amid expectations of a less aggressive Federal Reserve ahead.

Data released on Thursday showed inflation cooled in the US in October. On Friday, the University of Michigan presented the November Consumer Sentiment report: the Sentiment Index declined from 59.9 to 54.7 while 5-year Inflation expectations rose from 2.9% to 3%.

Technical levels

USDCHF

Overview
Today last price	0.9524
Today Daily Change	-0.0129
Today Daily Change %	-1.34
Today daily open	0.9653

Trends
Daily SMA20	0.9954
Daily SMA50	0.9855
Daily SMA100	0.9742
Daily SMA200	0.9623

Levels
Previous Daily High	0.9899
Previous Daily Low	0.9652
Previous Weekly High	1.0148
Previous Weekly Low	0.9911
Previous Monthly High	1.0148
Previous Monthly Low	0.9781
Daily Fibonacci 38.2%	0.9747
Daily Fibonacci 61.8%	0.9805
Daily Pivot Point S1	0.957
Daily Pivot Point S2	0.9488
Daily Pivot Point S3	0.9323
Daily Pivot Point R1	0.9817
Daily Pivot Point R2	0.9982
Daily Pivot Point R3	1.0064

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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