Another day and another raft of comments on the lack of Swiss Franc resilience from the SNB Chairman. Talking to a financial television station Roth noted in his latest comments that he is "sure that (Swiss) fundamentals will show through". The central banker is also noted saying the SNB are "watching import prices very carefully and will act if necessary" and that all currencies have "phases of strength and weakness".
The Franc has reacted to the latest verbal intervention for the SNB head as this is the first time Roth has centered on import prices rather than straight inflation. USD/CHF has eased back to 1.2431 on the rhetoric and a break below the current intraday lows at 1.2428 will see the 1.2400 level come back into focus. Against the Euro, the Franc is looking equally as bid with EUR/CHF still attempting to consolidate the break under 1.6150 with bears eyeing 1.6100 on an extension of the decline.
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