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USD/CHF fails to sustain gains, SNB says franc still significantly overvalued

FXStreet (Córdoba) - USD/CHF printed fresh daily highs at the beginning of the American session but failed to sustain gains and retreated. Overall, the pair continues to trade within familiar ranges as investors search for catalysts to offer direction in the absence of first-tier data.

In the Q3 Quarterly Bulletin, the Swiss National Bank stated that the Swiss franc is still significantly overvalued and the bank will remain active in the foreign exchange market as necessary, “in order to take account of the impact of the exchange rate situation on inflation and economic developments”.

Despite SNB jawboning, USD/CHF failed to break above the 0.9785 area, where it set a daily high at the beginning of the New York session. At time of writing, the pair is trading at 0.9745, virtually unchanged on the day.

USD/CHF levels to watch

On the upside, immediate resistances line up at 0.9785 (Sep 23 high), 0.9795/0.9800 (Sep 11 high/psychological level) and 0.9820/23 (Sept 8, 9 highs). On the downside, supports could be found at 0.9735 (Sep 23 low), 0.9707 (Sep 22 low) and 0.9677 (50-day SMA).

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