The Swiss Franc (CHF) edges slightly higher at the start of the week, up a few hundredths of a percent in its most heavily traded pairs.
The Swiss Franc trades little changed ahead of the Swiss National Bank meeting on Thursday. Markets are pricing in a 29% probability of the SNB cutting interest rates. The technical picture shows a box range forming on the 4-hour chart. The Swiss Franc edges slightly higher at the start of the week, up a few hundredths of a percent in its most heavily traded pairs. Swiss Franc traders are awaiting the big event of the week, the Swiss National Bank March policy meeting on Thursday.
618 Fibonacci ratio of the height of the range extrapolated higher, followed by 0.9052, the full height extrapolated higher. A decisive break below the range low at 0.8729, however, could indicate a short-term trend reversal and the start of a deeper slide lower. The first target for the move lower would be the 0.618 Fib extrapolation of the height of the range at 0.8632, followed by the full extrapolation at 0.8577, which is also close to the 0.
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