USD/CHF is below 0.9100
The Swiss National Bank left the benchmark interest rate unchanged at 0.00/25%. The central bank raised Switzerland’s economic growth forecast for 2013 from 1-1.5% to 1.5-2%. This year’s inflation forecast was also increased from -0.3% to -0.2% and the forecast for 2014 – raised from +0.2% to +0.3%. The central bank pointed out, though, that it doesn’t see inflation approaching the 2% price stability threshold.
The minimal level for EUR/CHF was left at 1.20. The SNB added that CHF is still highly valued and that it’s ready to take further monetary measures if required. The market wasn’t very impressed by these comments.
USD/CHF is trading at the lowest levels since Feb. below 0.9100. Support is at 0.9055 and 0.9020. Resistance is at 0.9150 and 0.9200. EUR/CHF tried to recover today after yesterday’s 40-pip decline, but then returned to support at 0.9025 (50% Fibo of 2012-2013 advance).
Chart. Daily USD/CHF