by SignalFactory · September 22, 2022 | 08:51:49 UTC
At its September quarterly monetary policy assessment, the Swiss National Bank (SNB) hiked its benchmark sight deposit interest rate by 75 bps to 0.50% from -0.25% previous, as widely anticipated.
In the June meeting, the central bank surprised markets with a 50 bps increase, its first rate hike since September 2007. The dramatic move sent the Swiss franc surging more than 2% against the common currency.
In an initial reaction to the SNB rate hike decision, the USD/CHF pair spiked to fresh two-week highs of 0.9759, where it now wavers. The spot is adding 0.95% on the day.
About SNB Rate Decision – The Swiss National Bank conducts the country’s monetary policy as an independent central bank. It is obliged by the Constitution and; by statute to act in the interests of the country as a whole. Its primary goal is to ensure price stability while taking due account economic developments. In so doing, it creates an appropriate environment for economic growth.
USD/CHF Long (Buy) Enter at: 0.98047 T.P_1: 0.98837 T.P_2: 1.00325 T.P_3: 1.01395 T.P_4: 1.03162 S.L: 0.95999
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