The CHF is likely to enjoy a residual bid following the SNB's threat to act on inflation pressures, according to economists at TD Securities. The EUR/CHF pair has broken below the key support of 1.0325, opening up additional losses.
“Swiss franc leads today's session following hawkish comments from SNB's Jordan on Wednesday: ‘SNB ready to act if inflation pressures continue’.”
“For EUR/CHF, 1.0325 was key support, which was broken during this morning's European session; we think a downside extension is probable (and exposing 1.00/1.02) given the resumption of traditional risk-on/risk-off dynamics in the broader FX complex.”
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