The Swiss National Bank will release their Monetary Policy Assessment and LIBOR Rate on Thursday morning at 4:30 am New York time, followed by the Swiss National Bank Press Conference at 5:00 am. The current interest rate is at - 0.75%. Will they opt to maintain the current negative interest rate for the remainder of the year or do they plan on changing it? According to a recent Reuters poll, economists expect the negative LIBOR rate to be maintained for the year. (The Swiss National Bank implemented the negative interest rate four years ago after disengaging the 1.20 Swiss Francs to Euro minimum exchange rate.) However, a change by the SNB is also dependent on whether the ECB decides to re-initiate their Quantitative Easing policy which could cause the SNB to potentially increase their negative interest rates in the future.
Currently, the USDCHF daily chart shows that the Stochastics is potentially oversold and price is at a level that may offer support (ATR stop at .9990). If the .9990 area does not support price, then another support area is immediately under it at .9924. The combination of these indications is that price will likely test the previous resistance area at 1.0128.
Using a multiple timeframe approach, checking the six-hour chart shows that, at this time, an upward move is not yet supported. In other words, an upward move is not confirmed. A confirmation would occur if a bullish bar with divergence on the Stochastics (lower lows in price with higher lows in the Stochastics) appears prior to the announcement tomorrow morning.