Swiss National Bank Vice Chairman Fritz Zurbrügg said on Wednesday that the franc remains considerably overvalued and the SNB is willing to intervene in currency markets if necessary.
USD/CHF rose to a high of 1.0105 following SNB remarks, but lost momentum and pulled back slightly. At time of writing, the pair is trading at 1.0097, still up 0.77% on the day.
Meanwhile, EUR/CHF also advanced sharply to hit a fresh 6-week high of 1.0936. It was last trading up 0.44% at 1.0925.
USD/CHF technical levels
In terms of technical levels, immediate resistances are seen at 1.0123 (Jan 5 high) and from there not much until 1.0263 ( Dec 3 high). On the flip side, supports could be found at 1.0020/18 (Jan 13 low/50-day ), 0.9965 (Jan 12 low) and 0.9879 (Jan 11 low).