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GBP/CHF: Above hourly 50-MA after SNB rate decision

FXStreet (Mumbai) - The GBP/CHF pair trades above the hourly 50-MA located at 1.4928 after the Swiss National Bank (SNB) left the rate unchanged at -0.75%.

Struggles to extend gains

The pair did recover from the low 1.4912 post-SNB rate decision, but is having a tough time extending recovery above the hourly 50-MA. The policy statement reiterated that CHF is still significantly overvalued and should continue to weaken over time.

The traders now await the UK trade balance figures, which will be followed by the Bank of England rate decision.

GBP/CHF Technical Levels

At 1.4930, the immediate support is seen at the hourly 50-MA at 1.4928, under which the pair may drop to 1.4873 (23.6% of 1.2611-1.5572). On the other hand, resistance is seen at 1.50 -1.5041 (100-DMA), above which the gains could be extended to 1.5095 (5-DMA).

SNB leaves interest rate on sight deposits unchanged at -0.67 per cent

The Swiss National Bank (SNB) decided to maintain its expansionary monetary policy. The target range for the three-month Libor remains at between –1.25% and –0.25%, and the interest rate on sight deposits with the SNB is unchanged at –0.75%.
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