News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • When it comes to buying and selling forex, traders have unique styles and approaches. Learn about buying and selling forex here:
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here:
  • What is your forex trading style? Take the quiz and find out:
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here:
  • The results of this weekend’s German Federal Election will likely dominate Euro sentiment at the start of the week ahead but after a possible EUR/USD bounce they will have little long-term impact. Get your weekly $EUR forecast from @MartinSEssex here:
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here:
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here:
  • Sterling continues to contract into trend extremes and the focus is on a pending breakout in the weeks ahead. Get your weekly $GBP technical forecast from @MBForex here:
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here:
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here:
Swiss Franc Muted Despite SNB Signalling Negative Rates for Longer

Swiss Franc Muted Despite SNB Signalling Negative Rates for Longer

Justin McQueen, Strategist

CHF Analysis and Talking Points

  • Swiss Franc Unchanged as the SNB Stands Pat on Monetary Policy
  • Long Term Inflation Forecasts Downgraded

Swiss National Bank Assessment Unchanged from Prior

The Swiss Franc was little changed following the quarterly SNB monetary policy decision. Unsurprisingly, the central bank kept its 3-month target Libor rate unchanged at -0.75% as expected. Additionally, the SNB reiterated that the Swiss Franc remains “highly valued”, while also noting that they are prepared to intervene in FX markets if needed.

Negative Rates for Longer

The SNB left its growth forecast for 2018 unchanged at 2%, however, they highlighted that risks to the baseline scenario are more to the downside amid the increased uncertainty surrounding political developments, alongside growing unease over international tensions and protectionist policies leading to trade wars.

In terms of inflation forecasts, the central bank had upgraded their short term inflation forecast with 2018 inflation seen at 0.9% from 0.6% in the March assessment following the rise in oil prices. Although, the SNB pushed back the time it will take for them to hit their 2% inflation target, which is not expected to be hit until Q1 2021 vs. Previous Q3 2020. As such, this signals that the SNB will keep negative rates for longer.

Swiss Franc Muted Despite SNB Signalling Negative Rates for Longer

Source: SNB


Swiss Franc Muted Despite SNB Signalling Negative Rates for Longer

Chart by IG

The EURCHF has largely been dictated by the ongoing political uncertainty in Europe and increased trade war tensions between the US and China. Escalating tensions between US and China could see EURCHF test last week lows at 1.15, which continues to act as strong support, while a break through there would put 1.1465 in focus.

IG Client Positioning Sentiment notes that the fact that traders are net-long prices may continue to fall. For full client positioning click here

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at

Follow Justin on Twitter @JMcQueenFX

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