SNB expected to lower rates on Thursday- USD/CHF edging higher this morning

On Thursday last, the USD/CHF fell back below its 200 day moving average (then at 0.8823). It fell further below it on Friday, dropping to a low at 0.8736. The rebound that followed saw it later close out the week, at 0.8788. That 200 day moving average is still in place this morning at 0.8823 and the USD/CHF has yet to get back above that level so far today. One reason for that is the fall back in the EUR/CHF over the past week. The prospect of an ECB rate cut on Thursday is also a headwind for the EUR/CHF, but the Swiss National Bank (SNB) is highly likely to get in front of the ECB that day, with the markets forecasting a 0.25% rate cut from the SNB (from 1% to 0.75%). As for the USD/CHF, the SNB will get in front of the Fed and that has implications for what is still an overvalued Swiss Franc. Meantime, that level at 0.8823 is still guarding the topside for the time being. The range so far today- 0.8776- 0.8804. The USD/CHF is right now at 0.8801