Swiss Franc Recovers Despite Actions of SNB

The Swiss franc gained today against the US dollar and the euro as the risk-negative sentiment on the Forex market drove investors to the safety of the Swiss currency. Initially, the Swissie traded lower versus the greenback due the intervention from the central bank.
Thomas Jordan, Chairman of the Swiss National Bank’s governing board, announced that the SNB intervened in the market to stabilize the franc, which attracted speculators due to the perceived safety of the currency. The Swissie is usually in demand in times of fears and uncertainty, though it has been less attractive to traders recently due to the constant attempts of policy makers to weaken the currency. Still, the need for safety was strong enough to help the franc erase the initial losses versus the dollar.
USD/CHF fell from 0.9334 to 0.9272 as of 16:31 GMT today after rallying to 0.9427 earlier. EUR/CHF declined from 1.0427 to 1.0367, reaching the low of 1.0312 intraday.

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