The Swiss franc weakened against the dollar on Wednesday, crossing back through the parity mark as investors took profits from its rally the previous day. The franc also eased against the euro, with one trader saying the franc was likely to see support at 1.3160-70 a day before the Swiss National Bank's quarterly policy review.
The SNB announces its monetary policy decision on Thursday and is expected to keep its rate target at an ultra-low 0.25 percent. The franc was down 0.5 percent against the euro compared to the New York close, trading at 1.3006 per euro. The franc fell 0.7 percent against the dollar to 1.0023 per dollar.
Commerzbank to said euro-Swiss was targeting 1.3072 and then 1.3165. It also said the 0.9932 hit by dollar-Swiss on Tuesday and the 0.9915 low for the year represented critical support for the cross. If those should fail, dollar-Swiss would test the 0.9640 hit in late 2008.
Comments
Comments are closed.