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USD/CHF surges to 1-year highs

FXStreet (Córdoba) - USD/CHF rallied to a fresh 1-year high as the franc weakened, moving in tandem with the euro, after announcement of rate cuts and asset buying program by the European Central Bank.

USD/CHF has risen nearly 100 pips within the last hour, reaching a peak of 0.9269, last seen September 17 2013. At time of writing, USD/CHF is trading at 0.9265, 0.98% above its opening price, while EUR/USD hovers barely above 1.3000.

Following ECB move, many suggested the SNB could be the next to cut deposit rates to protect the 1.2000 floor on EUR/CHF. However, such a decision is not imminent as the SNB still has other tools such as intervention for that aim.

EUR/CHF has printed a 22-month low of 1.2043 and it was last at 1.2055.

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