The economic calendar today lacks fundamental data, though other market movers are shaping trading sentiment. Traders still opt to sell the Japanese yen. The dollar/yen pair has gained 2.5% since Monday. The US dollar surpassed a crucial resistance at 103.00 yens overnight and is now heading for the next resistance of 104.00. Yesterday, market participants cheered the upbeat service industry report from the US. The news aroused optimism among investors who are betting on the soonest rate hike by the US Federal Reserve. On the other hand, currency market investors are voicing concern over renewed geopolitical tensions in the world. Moscow withdrew from an arms control treaty with Washington in which both sides had agreed to dispose surplus plutonium intended for use in nuclear weapon. Besides, the US suspended bilateral talks with Russia over the protracted conflict in Syria. Such developments make investors transfer funds into safe haven assets. So, the Swiss franc showed resilience to the firm US dollar. However, today the inflation report from the Alpine country halted massive long position on the franc. The dollar/franc pair came to a standstill at 0.9760. Consumer prices in Switzerland edged up 0.1% in September on a monthly basis. Inflation eventually entered positive territory, though falling short of market expectations for a 0.2% rise. An annual pace of growth also discouraged analysts. Inflation went down 0.2% year-on-year in September, worse than expectations for a flat dynamic. The franc’s growth is subdued as the Swiss monetary authorities are not pleased with the overvalued national currency. Many experts spotted forex interventions by the Swiss National Bank when the dollar/franc pair was falling below 0.9500. https://www.instaforex.com