Says CHF is highly valued and will continue policy to reduce pressure on the CHF
The comments from SNB's Jordan that the CHF it is highly valued, and the SNB will continuous policy to reduce pressure (upward) on the CHF, is having a limited impact on the franc. Perhaps it is because the song remains the same.
Looking at the hourly chart, the USDCHF is lower, but has waffled back and forth for most of the trading day. The NY session high stalled at the London morning session. That level comes in at 0.9880. The low was reached in London at 0.9860, but that low could not be approached in the NY session.
In between sits the 100 day MA at 0.98707.
Typically, the 100 day MA is a point of action. That is the price tends to bounce or go through. When the price sits and mulls, insteads of moves, it is saying the "market" is not sure.
So the market is unsure what to do here.
At some point it wiil decide and hopefully push out of the 20 pips range and go. Until then, listen to "the market". It is saying...."I am not sure....."
PS this is what it looks like on the daily chart. The price dipped back below the 38.2% at 0.98864 today. The 50% of the years range is down at 0.98429 (on more selling).
