Market Update: Swiss National Bank Leaves Monetary Policy Unchanged

The Swiss National Bank (SNB) is maintaining its expansionary monetary policy, thereby stabilizing price developments and supporting economic activity. Interest on sight deposits at the SNB remains at –0.75% and the target range for the three-month Libor is unchanged at between –1.25% and –0.25%.

This makes Swiss Franc stronger but the USD/CHF is facing strong support at 0.9920. The pair can reverse above this level to target 0.993. The market can go after 0.9900 below 0.9920 today.