Swiss franc weakens on SNB head's remarks

The Swiss currency dropped across the board on Thursday as the central bank head Thomas Jordan said the franc is still overvalued and the bank stands ready to intervene if the currency strengthens further.

Traders said Swiss policymakers are worried that Greece-related issues could weaken the euro further leading to "safe haven" flows into the franc.

USD/CHF jumped to 0.9383 from the previous close of 0.9336, further distancing from the one-month low of 0.9150 touched last week. From last week's levels, the franc has weakened more than 2.4% at the pair's high on Thursday.

Technically, the pair has broken above the 50-day simple moving average and a close above that will strengthen the case for further upsides above 0.9400, targeting 0.9480 and 0.9545 as next resistance levels.

EUR/CHF has jumped to 1.0500 from the previous close of 1.0464 . With most of this month staying above the 50-day SMA, the cross seems to be on track to confirm the uptrend since mid-April.

The first resistance is 1.0536 and then comes 1.0575 ahead of 1.0600 where it may meet channel resistance.

GBP/CHF too jumped on Jordan's comments on Thursday. The cross rose to 1.4727 from 1.4667 and is now only a shade away from Tuesday's three-month high of 1.4768.