SNB Chairman Schlegal is on the wires saying:
- SNB will tolerate negative inflation rate in the short term
- Uncertainty is currently very high.
- Swiss franc is often sought as a safe haven in times of uncertainty
- Policy rate is our main instrument, but when necessary we can intervene in the forex market.
- The outlook for Swiss inflation is currently very unclear
- There is no alternative to US treasuries.
- SNB is not a currency manipulator.
- It only intervened to pursue our mandate
- We have only intervened to slow overvaluation of the franc, not to gain a competitive advantage for Switzerland.
The CHF is modestly weakening vs the USD but remains below the 200 hour MA at 0.83504.
For the EURCHF, the price is above is just above teh 100 hour MA at 0.9375. The corrective low off the high today was above the 200 hour moving average of 0.9360. Staying above the MAs is a bullish tilt, at least in the short-term.
EURCHF technicals
