CHF - SNB President Jordan reiterates commitment to fight inflation

The dollar tumbled against the Swiss franc on Thursday after Swiss National Bank Governor Michael Jordan reiterated his commitment to fighting inflation in his last public appearance before the central bank's next interest rate decision. On Monday, government data showed that Switzerland's annual inflation rate fell to 2.2% in May, still above the SNB's 0-2% target.

It can be seen from the technical chart that the current upper resistance is clearly seen at the 100-day moving average. In this month, the exchange rate has been testing, but failed to make a breakthrough; the current 100-day is at 0.9120. The larger resistance will see the level of 0.92 and even the 200-day moving average of 0.9360. However, it can be seen from the technical chart that the MACD indicator has just crossed the signal line, and the chance of USD/CHF falling is obviously higher. The lower support looks back at 0.90 and 0.8930, and the subsequent support refers to the January 2021 low of 0.8754 and even the 0.85 level.

Estimated volatility:
Resistance 0.9120 -0.9200 – 0.9360
Support 0.9000 - 0.8930 - 0.8754 - 0.8500

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