The SNB is planning to keep curbing the strengthening of the Swiss Franc against the Euro currency. According to some analysts, there is low probability of the SNB introducing negative interest rates in June in order to press the national currency.
Investors keep supporting the demand for the Swiss Franc as they consider it as a safe haven asset. They expect the Swiss currency to become more popular with investors amid the continued eurozone crisis.
In May, the SNB fought against the strengthening of the Swiss Franc, thus leaving zero interest rates and creating excessive liquidity.
According to , USDCHF is forming wave 4 or в(С) inside a major upswing - wave 3(С)/С(С). A break above 0,9771 will initiate wave 5 or А inside the “Hound of the Baskervilles” pattern by Elder/MF. The closest levels of resistance are 0.9887, 0.9953. A break below 0.9476 will resume the downtrend. If this is the case, 0.9408 will become the closest major level of support.
