USD/CHF: Our Strategy Is To Buy On Dips

FX:EURGBP   Euro / British Pound
The Swiss National Bank's two top policymakers underscored on Wednesday their commitment to rein in a strong Swiss franc             that has risen to levels against the euro             last seen in June when Britain voted for Brexit.
SNB Vice Chairman Fritz Zurbruegg said currency market interventions had become an increasingly important tool since the financial crisis and the euro             zone debt crisis had pushed up the safe-haven franc.
SNB Chairman Thomas Jordan gave the Swiss government the same message at their annual meeting to discuss the state of the export-led economy and monetary policy . He pointed out that monetary policy with negative interest rates was geared to the current situation with a still markedly overvalued Swiss franc             and that the National Bank is still active on the foreign exchange market if needed.
On the other hand, Fed policymakers remain hawkish in their opinions. Boston Fed President Eric             Rosengren said the Federal Reserve would hike interest rates more aggressively than planned if the newly elected U.S. government significantly stimulates the economy.
Federal Reserve policymaker James Bullard said that it would need a surprise for the Federal Reserve not to raise U.S. interest rates next month. He said the only reason to hold off would be the kind of big shocks that caused it to pull back in the past, such as widespread global market volatility or bad U.S. jobs data.
This divergence in monetary policies between the Fed and the SNB should support further rise in the USD/CHF             . Our trading strategy is to buy the USD/CHF             on dips. We think that a corrective move is likely when the USD/CHF             reaches 1.0066 (76.4% of 1.0259-0.9439 drop). - Daily Forex Trading Strategies
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