CHF Swiss News
As CGI news on 30 August 2007 said that the Swiss franc depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.2010 level and was supported around the CHF 1.1985 level. Technically, today’s intraday low was right around the 23.6% retracement of the move from CHF 1.1815 to CHF 1.2215.
Swiss data to be released tomorrow include June GDP data. The big question on traders’ minds is whether Swiss National Bank will be able to tighten monetary policy next month or if global credit conditions will postpone such a decision. Swiss National Bank officials Roth and Hildebrand have recently indicated the conditions in the financial markets will impact the Swiss economy. One of the SNB’s biggest problems at the present time involves the euro/ Swiss franc exchange rate. At the present time, the cross is trading with a CHF 1.63 handle and while this is lower than July’s CHF 1.66 handle, it still leaves the Swiss economy susceptible to imported inflation from the eurozone.
The SNB’s September policy decision may be heavily influenced by what the European Central Bank does and says on 6 September. Dollar offers are cited around the CHF 1.2140 level. The euro and British pound moved lower vis-à-vis the Swiss franc as the crosses tested bids around the CHF 1.6380 and CHF 2.4155 levels, respectively.
Swiss data to be released tomorrow include June GDP data. The big question on traders’ minds is whether Swiss National Bank will be able to tighten monetary policy next month or if global credit conditions will postpone such a decision. Swiss National Bank officials Roth and Hildebrand have recently indicated the conditions in the financial markets will impact the Swiss economy. One of the SNB’s biggest problems at the present time involves the euro/ Swiss franc exchange rate. At the present time, the cross is trading with a CHF 1.63 handle and while this is lower than July’s CHF 1.66 handle, it still leaves the Swiss economy susceptible to imported inflation from the eurozone.
The SNB’s September policy decision may be heavily influenced by what the European Central Bank does and says on 6 September. Dollar offers are cited around the CHF 1.2140 level. The euro and British pound moved lower vis-à-vis the Swiss franc as the crosses tested bids around the CHF 1.6380 and CHF 2.4155 levels, respectively.
AUDNZD Technical Fundamental
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