The Swiss Franc (CHF) is trading weaker by about one percent in its most heavily traded pairs on Thursday after the Swiss National Bank (SNB) decided to cut interest rates at their March meeting.
The Swiss Franc weakens after the Swiss National Bank decides to cut interest rates from 1.75% to 1.50%. The move was not widely expected by markets and the Swiss Franc has sold off heavily following the news. The SNB gives victory over inflation, a too-strong Swiss Franc and the need to stimulate economic activity as reasons for the cut.
618 Fibonacci ratio of the height of the range extrapolated higher, followed by 0.9052, the full height extrapolated higher. If the pair continues the strong performance into the end of the week and closes near or above the current level it will have confirmed a decisive break above the 50-week Simple Moving Average – a formidable obstacle. It has also now convincingly broken above a long-term trendline, another bullish sign. A break back below 0.
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