SNB chairman Thomas Jordan today said that the CHF was overvalued due to overall weak global economy and that the SNB is willing to take an active role in the FX rate and apply negative rates. These comments sent the USDCHF from 0.9290 to 9390 over the day. I see more upside potential, ADX/DMI and Stochastic Oscillator on the day chart showing this pair is well oversold and momentum is now on the upside. True that price action is in the cloud and will meet resistance at the top of the cloud but I would say the comments from the SNB are likely to push the Suissy lower in the coming days.

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