Global macro overview for 20/10/2015:
Will the Swiss National Bank sell the franc again in case the ECB expands the QE program in the near future? The Bloomberg monthly poll revealed that 63% of the analyst wee seeing further SNB interventions if the currency battle intensified and 42% suggested another deposit rate cut soon. ECB President Mario Draghi already said he was ready for more actions if necessary, especially if the inflation levels were stubbornly weak and global demand slowed even further. The current ECB bond-buying program is 1.1 trillion euros.
The EUR/CHF pair is currently trading at important daily support at the level of 1.0816 and it is still above the golden trend line. The next support is seen at the level of 1.0707.