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COZfx: Swiss Franc off 2-year lows after SNB stands pat

Discussion in 'Analisa Fundamental' started by harryer, Dec 13, 2013.

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  1. harryer

    harryer Member

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    COZforex: The US dollar edged up higher against the Swiss franc on Thursday, pulling back from 2 year lows after the Swiss National Bank left rates on hold at its final policy meeting of 2013.

    USD/CHF off 2-year lows after SNB stands patSwiss franc turns lower after SNB holds rates USD/CHF rise to highs of 0.8848 during European morning trade, up from lows of 0.8839 on Wednesday, the weakest level since November 2011, and was last up 0.16% to 0.8877.

    In technical analysis, COZFX strategist Nigel Boynton said, USD/CHF is predicted to find support at 0.8842, and a decline through could take it to the next support line of 0.8817. Meanwhile, the pair is predicted to find its first resistance at 0.8890, and a rise through could take it to the next resistance line of 0.8913.

    The SNB said it was maintaining the minimum exchange rate on the franc at 1.20 per euro and its benchmark interest rate unchanged at its record low of 0.00% -0.25%., as widely expected. The Swiss franc is “still high” the bank said.

    The SNB kept its forecast for economic growth unchanged, saying it expects growth of between of between 1.5% and 2% in 2013. For 2014, the SNB sees growth of around 2%.

    “Given the vulnerable economic situation abroad, downside risks still prevail for Switzerland,” said SNB Chairman Thomas Jordan.

    (COZ forex UK)
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