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Swiss National Bank Sets Franc Ceiling, EUR/CHF Explodes Higher

Swiss National Bank Sets Franc Ceiling, EUR/CHF Explodes Higher

2011-09-06 08:35:00
Joel Kruger, Jonathan Granby,
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In an unprecedented move the Swiss National Bank (SNB) has announced a commitment to set a base on the Eur/Chf exchange rate at 1.20 in an effort to aggressively protect the economy from the effects of rapid franc appreciation in recent years. The SNB in the past has said that deflationary pressures would push them into action, and the re-emergence of such pressures is allowing for a stronger case for the central bank to implement these colossal measures. Up until recently, efforts to stem the appreciation in the currency had failed and it seems as though this latest campaign which began several days back brings with it a legitimate policy where actions are finally speaking louder than words.

The SNB this morning said:

  • Current massive overvaluation of franc posing risks
  • Franc appreciation posing deflation risks
  • Won't tolerate euro-franc moves below 1.20
  • Will defend the FX target with utmost determination
  • Ready to buy foreign currencies in unlimited amounts

Relative performance against the Swiss franc (as of 08:20GMT)

  1. EUR +8.58%
  2. AUD +8.29%
  3. NZD +8.24%
  4. GBP +8.15%
  5. CAD +8.14%
  6. USD +7.94%
  7. JPY +7.72%
SNB_Enacts_Minimum_EURCHF_Rate_at_120_Promises_to_Defend_With_Utmost_Determination_body_EURCHF.png, Swiss National Bank Sets Franc Ceiling, EUR/CHF Explodes Higher

The move on Tuesday has been violent and dramatic on the technical front, with the sell off in the Franc triggering a more substantial structural shift in the medium-term and longer-term horizons. With Eur/Chf back above 1.2000 and Usd/Chf taking out critical topside resistance at 0.8550, look for these markets to continue to find bids over the coming weeks and months as the dynamic shifts. Longer-term studies still show plenty of room for additional weakness in the Franc, although from a shorter-term standpoint, the best strategy is to stand aside and look for opportunities to buy into Eur/Chf and Usd/Chf dips when the dust settles. This same logic holds true and can be extended to other Swiss related crosses.

Written by Joel Kruger and Jonathan Granby, DailyFX Research Team

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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