We cannot rule out further interest rate hikes, we are ready to intervene in currency markets — Thomas Jordan

Swiss National Bank President Thomas Jordanmade statements:

main comments

  • Price stability does not happen automatically.
  • We do not see a spiral of prices and wages in Switzerland.
  • Inflationary pressure is stronger than the SNB can tolerate, further interest rate hikes cannot be ruled out.
  • A strong Swiss labor market could affect a company’s cost inflation.
  • In 2022, second-round effects increased and inflation spread.
  • Prepared to act in the currency markets when necessary.

USD/CHF Technical Analysis

In the following daily chart,m we can see that the price is moving lower with a descending channel:

Extension …

The M formation is attracting bulls from support with focus on the 50% mean reversion target as the top of channel resistance and the neckline of the pattern near 0.9170.

Source: Fx Street

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