Last Wednesday there were some mixed comments on the CHF from the IMF. On the one hand it sees upside risk to inflation but warns on the other hand that a “sharp rise in interest rates could trigger a property market correction that could hit banks' balance sheets” (Microsoft News via Reuters). I don't know to what extent such hints could help the SNB, but nobody should expect large rate hikes in the near future. The swiss Franc is already trading firm, especially against the Euro, but also against the Dollar by historical comparison. Nevertheless, the SNB would have some room to the upside with one of the lowest policy rates of the world (-0.75%).
USDCHF -- 0.9351
The currency pair is trading in an uptrend since early January with a peak at 0.9460 at the day of the last FED meeting and a correction to 0.9195 until end of March. Despite this, we still see higher lows on every dip what underlines the inner strength of the Dollar. The next resistance zone can be found around 0.9350/80 and bears do not want to the see the pair higher. The downside is capped by 0.9300 and 0.9275 (50 ema) for now.
EURCHF -- 1.0168
Since breaking 1.0200 on Monday, the currency pair has been trading in a narrow range between 1.0131 low and 1.0205 high. This is pretty much in the middle of the more important 0.9972/1.0300 range and suggests some sort of consolidation. With the comments from the IMF and SNB's generel efforts to devalue the currency in mind, I see two-way risks in particular which are tricky to trade. In this respect, I would rather rely on FX Options (Straddle or hedged EUR Call CHF Put) if I want to be positioned in the currency pair.
Good luck,
Sebbo