USDCHF Outlook: SNB Policy Holds as Sellers Defend the Range

The Swiss National Bank (SNB) has maintained interest rates at 0.0%, and comments from Chairman Martin Schlegel, along with technical resistance, have pushed the USDCHF lower, showing a strengthening of the CHF. The key takeaway from Chairman Schlegel emphasizes that the current policy stance remains 'expansive' and supportive of growth, while midterm inflation pressures are expected to rise gradually. Technically, the price action confirms the importance of the longstanding trading range between 0.7900 and 0.80876. Recent attempts to break above resistance levels were unsuccessful, leading to a downturn. The breakdown beneath the 0.8000 level indicates a pivotal movement. Currently, the price is at 0.7963, facing resistance at 0.7971, which must be breached for a bullish scenario. Without this break, sellers are likely to maintain control, focusing on the downside.