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CHF remains under pressure

FXStreet (London) - USD/CHF has rallied strongly through the session as the dollar breaks out of its earlier range-bound trading.

SNB has held off rate cuts for now

CHF has been under pressure since Swiss National Bank president Thomas Jordan held off on slashing rates into negative territory at the central bank's meeting last week. SNB members have been worried about inflationary pressures as CHF strength continues to exert disinflationary on the Swiss economy.

Following its quarterly policy review, the SNB stated that it would continue to defend the CHF1.200 floor under EUR/CHF with “utmost determination” adding that it is “prepared to purchase foreign currency in unlimited quantities, and if necessary, it will take further measures immediately."

USD/CHF has rallied 0.54 percent to CHF0.9448 on the session, close to session highs at CHF0.9453 from an opening price of CHF0.9397.

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