Global macro overview for 15/09/2016:
The Swiss National Bank has left the interest rates unchanged at the level of -0.75% as expected. After this decision, Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank, said that the Swiss Franc is overvalued and current monetary policy aims to take the pressure off the Franc. Moreover, he said that some industries are suffering from too strong Franc and the international developments are the biggest risk for Switzerland (I think he meant FED interest rate decision next week). The SNB is watching the international situation carefully and will respond accordingly. In conclusion, Jordan made quite cautious comments, but some investors can read between the lines, that the market interventions are still on the table as global situation gets worse or out of hand.
Let's now take a look at EUR/CHF technical picture in the daily time frame. The long-term golden trend line was violated about three months ago. Now the market trades below short-term dashed blue trend line, making the sequence of lower highs and lower lows. The next resistance is seen at the level of 1.1011 and the next support is seen at the level of 1.0808.
