Franc Stays Strong After SNB News | Wibest

The Swiss Franc had a strong rally in today’s trading after the SNB denied commenting on the value of the currency.

The Swiss franc, which rose to its highest ranges against the euro, continued to rally in Tuesday’s sessions. The EUR CHF trading pair went down to 0.28%, to 0.0031 points, trading for Fr1.0831 against its last close of Fr1.0862. The euro extended its losses from Fr1.0831 to Fr1.0872 in sessions.

The Swiss franc also overpowered the US greenback in today’s trading as the USDCHF pair slips 0.08%, or 0.0008 points. The pair currently trades for Fr0.9897, a tad lower than its previous close of Fr0.9905.

Meanwhile, the GBP CHF exchange pair took a dip in Tuesday’s sessions. The pair is seen down by 0.71% or 0.0058 points, trading for Fr1.1866 edging lower from its last close of Fr1.1951.

And the CAD CHF pair also declined by 0.34% or 0.0025, trading for Fr0.7406 compared to its previous close of Fr0.7431.

However, the Australian dollar got a slight upper hand against the Swiss franc as it inches up in today’s trading. The AUD CHF trading pair slightly went up by 0.08%, or 0.0005 points, trading for Fr0.6654 against its last close of Fr0.6649.

SNB Support

The Swiss National Bank Chairman, Thomas Jordan, denied commenting about the currency on Tuesday. Jordan was unveiling the new 100-franc bill, a part of the bank’s overhaul in their currencies.

The tension between the US and China has brightened the appeal of safe-haven assets as traders seek refuge from the damage of the trade war.

Over the course of 2019 alone, the Swiss franc has gained almost 4% against the eurozone’s single currency. A feat that has caught the attention of forex traders and analysts.

The news sparked speculations that the SNB could ease the already loose monetary policy by moving interest rates lower from -0.75%.

Swiss franc traders are now waiting for the Swiss National Bank’s update about its monetary policies on September 19.