USD/CHF is down 0.4% on the day to 0.9115 as the Swiss inflation data beat here gives rise to some uncertainty to the SNB's plans. At least for now, headline and core annual inflation are still sitting below the crucial 2% mark. But it isn't a given that it may stay that way in the months ahead.

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USD/CHF hourly chart

This isn't much of a game changer for the SNB yet. But ideally, they wouldn't want inflation to run back higher as they look to continue cutting interest rates.

USD/CHF is now back down to near minor support close to 0.9100, so that will be a near-term level to watch. In the bigger picture though, the pair is squaring off against some tough resistance on the week. The 100 and 200-week moving averages are sitting at 0.9154 and 0.9170 respectively. And buyers have to work through that cap in order to establish any stronger upside momentum.

Just above that is also the October high at 0.9245 and the 50.0 Fib retracement level from the swing lower from October to December last year at 0.9240. That will offer up some additional resistance for the pair on a break of the weekly moving averages, if we do get there.

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USD/CHF weekly chart