USD/CHF traded firmer amid broad USD rebound. Pair was last at 0.7956 levels. SNB MPC meeting today – likely a hold, OCBC's FX analysts Frances Cheung and Christopher Wong note.

Consolidation likely intraday

"Inflation has moved a touch higher to 0.2% y/y, but this is already faster than SNB’s forecast for 0.1% for 3Q. In addition, earlier comments from SNB President Schlegel in an interview highlighted that the bar is very high for reintroducing negative interest rates, given the harmful effects on savers and pension funds."

"He emphasised that negative rates would only be considered under exceptional circumstances. Focus on the accompanying statement for future guidance."

"Mild bearish momentum on daily chart faded while RSI rose. Consolidation likely intraday. Resistance at 0.7960/80 levels (21 DMA, 23.6% fibo retracement of May high to Sep low), 0.8010 (50 DMA). Support at 0.79, 0.7856 (recent 2025 low)."