The Swiss Franc (CHF) is trending lower on Wednesday in its most heavily traded pairs ahead of the week’s key event for the currency, the Swiss National Bank (SNB) policy meeting on Thursday.
Swiss Franc is depreciating ahead of the key Swiss National Bank policy meeting on Thursday. Lower inflation and growth point to the risk of a dovish policy tweak at the meeting. USD/CHF is piercing above the top of a box range and threatening to break out substantially higher. The Swiss Franc is trending lower on Wednesday in its most heavily traded pairs ahead of the week’s key event for the currency, the Swiss National Bank policy meeting on Thursday.
US Dollar versus Swiss Franc: 4-hour chart A decisive break above the range highs at 0.8900 is underway but yet to be confirmed. A strong close on Wednesday would be required to indicate a decisive breakout. Should that be the case, the initial target for the breakout is at 0.8992, the 0.618 Fibonacci ratio of the height of the range extrapolated higher, followed by 0.9052, the full height extrapolated higher. The pair is overall in a short-term uptrend, supporting more upside.
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