Market Updates – Lower Rates Remain on the Table, SNB’s Jordan

As per the recent report, President Thomas Jordan said The Swiss National Bank could diminish its previously ultra-low interest rates if the circumstances warrant this.

With a deposit rate of -0.75%, the SNB has previously established the lowest interest rate of any main central bank. That tool is intended to take pressure off the Swiss Franc, which is marked as a safe haven at times of market uncertainty.

Consequently, the Swiss Franc has weakened and the USD/CHF surged from 0.9985 to 1.0010. The technical indicators, especially the 50-periods moving average, is suggesting a buying trend. Support prevails around 0.9985 along with resistance around 1.0030 and 1.0040.