Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your experience. Save up to 40% More details

CHF Soars After SNB Interest Rate Decision

By Dailyfx ForexSep 17, 2015 06:36AM ET
CHF Soars After SNB Interest Rate Decision
By Dailyfx   |  Sep 17, 2015 06:36AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items

Talking Points:

  • Swiss Franc Soars After SNB Interest Rate Decision
  • Officials Visibly Ignore Threat of More Dovish ECB
  • Libor, Sight Deposit Rates Unchanged as Expected

The Swiss franc traded broadly higher after the Swiss National Bank delivered its monetary policy announcement. Officials left the policy mix unchanged as broadly expected by economists, maintaining the -1.25 to -0.25 percent range for the three-month Libor as well as the -0.75 percent setting for the sight deposit rate.

The text of the policy statement accompanying the rate decision seemed significant primarily in what was conspicuously omitted rather than what was actually said. Specifically, the SNB made no mention of the latest dovish turn in ECB rhetoric and the possibility for stimulus expansion it implied.

The Swiss Central Bank now-infamously abandoned its EUR/CHF floor at 1.20 after Mario Draghi and company launched their QE effort. A further expansion of ECB stimulus would introduce upward pressure on the franc relative to the single currency, undermining the SNB’s fight against deflation.

With that in mind, the markets likely expected the SNB to at least acknowledge the prospect of greater ECB accommodation if not to offer rhetoric explicitly expressing a willingness to do more as well. The apparent absence of any such language looks to have been interpreted as comparatively hawkish versus, sending the franc upward.

DailyFX Currency Analyst James Stanley identified USD/CHF support at 0.9681. Prices are currently testing below this barrier, with an eye to challenge the next downside threshold at 0.9498 if bearish momentum is sustained.

USD/CHF 15-Minute Chart
USD/CHF 15-Minute Chart

Original post

CHF Soars After SNB Interest Rate Decision

Related Articles

Blake Morrow
Chart Of The Day: USD/JPY By Blake Morrow - May 24, 2022

A couple reasons USD/JPY will continue lower: The double top target from the 131.35 highs from April and May targets the 125.80 level. The breakout point and previous highs from...

Craig Erlam
USD/JPY: Head And Shoulders Breakout? By Craig Erlam - May 24, 2022 4

Major correction on the cards? The rally in USD/JPY from early March to early May was huge, driven by a combination of a soaring greenback and a BoJ determined to support its...

Craig Erlam
EUR/GBP: Further Gains To Come? By Craig Erlam - May 24, 2022

Hawkish ECB boost the single currency The euro has caught a strong bid against the pound in recent days on the back of some very hawkish commentary from the ECB and poor economic...

CHF Soars After SNB Interest Rate Decision

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email