The SNB surprised with a cut today. What are the chart saying for USDCHF and EURCHF now?

The Swiss National Bank surprise the market by cutting rates by 25 basis points. That sent the CHF lower vs both the USD and the EUR.

In this video, I take a look at both the USDCHF and the EURCHF from a technical perspective.

The USDCHF is running to new 2024 highs and in the process has moved to a swing area between 0.8986 to 0.9017. Move above that level and the buyers add to the bullish bias.

For the EURCHF, it is looking to extend above its 100-week MA at 0.9755. Close above that level this week would be the first since September 2021.

There is room to roam for both especially if the ECB and the Fed delay hikes until June or longer. The window is open will the traders go through it and extend above the next targets.

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This article was written by Greg Michalowski at www.forexlive.com.