SNB Maechler speaking
- in inflation has remained modest in Switzerland and takes away some pressure on the Franc
- We are still in a territory where the Swiss record high
- Don't know where Swiss franc will go, we have a safe haven currency
- uncertainties remain very high largely because of the Covid crisis which continues to be there
- When we intervene in the FX market we seek to have maximum impact with minimum intervention
The USDCHF moved higher over the last two days (lower CHF), helped by the stronger USD trend. The pair moved up to test the 50% midpoint of the move down from the September 30 high at 0.92242 and found sellers. The pair currently trades at 0.9213.
For the EURCHF, it remains near lows for the year. The price is currently at 1.05497. The November low came in at 1.05337. The low for the year was in May at 1.04977. Other swing lows going back to March through May came in between 1.04977 and 1.05166.
