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SNB expected to leave interest rates on hold at 1.75% this morning
At 8.30am GMT the Swiss National Bank (SNB) is expected to keep its current OCR (official cash rate) on hold at 1.75%. It would be a great surprise if they were to change that. Ahead of that the USD/CHF has fallen back, but that is more about the weaker dollar than it is anything related to Swiss monetary policy. Yesterday morning the USD/CHF reached a new 2024 high at 0.8918. It closed last night in the US at 0.8869 and it has fallen back further this morning. The low seen so far today has been set at 0.8839. The nearest support is right now at around 0.8820. Resistance is now at 0.8885. The USD/CHF is currently trading at 0.8849 and it could react sharply, if we do get a surprise from the SNB a little later this morning
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