USDCHF slumps over 60 pips down to 0.9922 after the Swiss National Bank (SNB) at the September policy meeting decided to leave deposit interest rates unchanged at -0.75% and noted that is ready to intervene in the forex market if necessary.
USDCHF despite the retreat the last hours from the three-month highs, continues inside the ascending channel which started since August 13rd, with daily corrections but keeping the slow positive momentum.
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On the downside, immediate resistance stands at 0.9918 daily low, and then at 0.9907 the 100-day moving average, while more bids will emerge at 0.9842 the 50-day moving average. On the upside first resistance stands at 0.9949 the 200-day moving average, then at 0.9983 daily high, a break above will drive prices up to 1.0014 the high from June 19th.Download our latest quarterly market outlook for our longer-term trade ideas.
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