• SNB stood pat on policy, as expected. CPI f/c upgraded marginally, while language on FX saw a minor tweak

• Overall, slightly disappointing those expecting a more hawkish outcome

• In turn, CHF saw a kneejerk move lower on the announcement. USD/CHF bid with spot moving towards 0.8300

• US 10y yields firming again, now 5.15%, adds carry support to USD/CHF, keeping the pair well-supported on dips

• Dips limited to the 100-week MA at 0.8220, followed by 0.8173-0.8200
USDCHF weekly chart

Justin McQueen is a Reuters market analyst. (The views expressed are his own). ((Email: ))