USD/CHF climbed to fresh weekly highs above 1.1000 as the franc weakened following comments from a top SNB official saying the currency remains "considerably overvalued".
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 SMA), 0.9965 (Jan 12 low) and 0.9879 (Jan 11 low).
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 SMA), 0.9965 (Jan 12 low) and 0.9879 (Jan 11 low).