SNB has raised its rates for the first time in 15 years. Poor economic data saw the dollar weaken against the franc. The price could hit 0.95500 next in the charts. The USD/CHF forecast turned negative as the pair continued its collapse on Friday after the Swiss National Bank surprised markets by raising interest rates yesterday. The SNB raised rates for the first time in 15 years from -0.75% to -0.25%. -Are you interested in learning about forex tips? Click here for details- Investors had expected the SNB to hold rates on Thursday and flag a hike for September, but this was not the case. The US dollar went down by 3.1% against the franc in just one day of trading. “There was always that room for a surprise from the SNB, but I think most currency traders did not anticipate such aggressive action from the SNB. It was surprising, and it kind of set the tone for the dollar,” said Edward Moya, senior analyst at Oanda. SNB Chairman Thomas Jordan said rising Swiss inflation, which hit its highest level in about 14 years in May, meant the central bank might have to tighten its policy further. The USD/CHF pair was also plagued by the poor economic data released from the US, including building permits and initial jobless claims. USDCHF key events today With no critical news releases from Switzerland, investors will be keen on the United States. Fed chair Powell is set to speak later in the day, which could cause volatility in USD/CHF. Investors will pay close attention to hints regarding future monetary policy. After that, the Fed will release its monetary policy report, which discusses current and future monetary policy and economic developments. Get FREE Forex Signals Now! USD/CHF technical forecast: Bears aiming at 0.95500 Looking at the 4-hour chart, we see the price has made a sharp move below 0.9700, has pushed back to retest the level, and is currently pushing lower. The price trades well below the 30-SMA, showing a steep bearish trend. The RSI is trading close to the oversold region and looks like it could soon go below the 30 mark. -Are you interested in learning about the forex basics? Click here for details- The bears are strong and looking to push the price lower. The next level for them would be at 0.95500. This new level would create a series of lower lows and lower highs, confirming the bearish trend. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal Majors share Read Next EUR/USD Price Favoring Buyers Above 1.0484 Despite Hawkish Fed Olimpiu Tuns 7 months SNB has raised its rates for the first time in 15 years. Poor economic data saw the dollar weaken against the franc. The price could hit 0.95500 next in the charts. The USD/CHF forecast turned negative as the pair continued its collapse on Friday after the Swiss National Bank surprised markets by raising interest rates yesterday. The SNB raised rates for the first time in 15 years from -0.75% to -0.25%. -Are you interested in learning about forex tips? Click here for details- Investors had expected the SNB to hold rates on Thursday and flag a hike for September, but… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.