An interesting development for the Swiss Franc today is the resignation of the Swiss National Bank Chairman Philipp Hildebrand. This is interesting because just last week he wouldn't step down as a result of accusations that him and his wife benefited from currency trades - selling the Swiss franc prior to the S&P's intervention in foreign exchange markets.

But with mounting pressure over the weekend, the market may not be too surprised by the announcement.


The immediate impact was for the EUR/CHF to fall in favor of the Swiss franc as the market may try and test the resolve of the SNB to protect the 1.20 floor it has put in the pair.


Now the policy of the S&P on the status not hinge on Mr. Hildebrand alone, and the dip in the EUR/CHF was perhaps it is a buying opportunity for those trading pair.

His successor is likely to be Thomas Jordan - the vice chairman and they're free position the governing board will be filled as soon as possible.

In a fundamental development for the Swiss economy was so positive release and that retail sales rose 1.8% year-over-year in October, compared to expectations of 0.6% climb in stronger than the 0.1% reading seen in September. Unfortunately, this is dated data but it still shows that the pressure on the Swiss economy relented after 3 months in which sales were negative or close to flat (September's figure was originally reported as negative before being revised higher in today's report).

For a look at the technical analysis of hte USD/CHF pair please see today's technical update - USD/CHF Technicals - A Look at Possible Support for Retracement

- Nick Nasad is the Chief Market Analyst at FXTimes - provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.