{"id":10341,"date":"2021-06-17T10:53:00","date_gmt":"2021-06-17T09:53:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=10341"},"modified":"2021-06-19T15:44:36","modified_gmt":"2021-06-19T14:44:36","slug":"swiss-franc-down-as-snb-keeps-policy-unchanged","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/swiss-franc-down-as-snb-keeps-policy-unchanged\/","title":{"rendered":"Swiss franc down as SNB keeps policy unchanged"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"10341\" class=\"elementor elementor-10341\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-61a5110 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"61a5110\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c4305c2\" data-id=\"c4305c2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e5fd5a8 elementor-widget elementor-widget-text-editor\" data-id=\"e5fd5a8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><strong>USDCHF Forex Analysis<\/strong><\/p><p>In December 2020, the United States released a report that concluded Vietnam and Switzerland met all three criteria for currency manipulation under the Trade Facilitation and Trade Enforcement Act of 2015.<\/p><p>The tests assess trade surpluses with the United States, a material current account surplus of at least 2% of GDP over a 12-month period, and persistent one-sided currency intervention involving repeated net purchases of foreign currency.<\/p><p>The SNB often states that they are willing to participate in the foreign exchange markets and have been known to cause a flash crash in the past because of an unexpected market decision to remove a peg or in lay man\u2019s terms, temporarily stop the manipulation.<\/p><p>The Swiss National Bank (SNB) over the years has employed a range of tools to try to offset appreciation pressure on the Swiss franc and limit inflationary pressures and support growth, pegging the <a href=\"http:\/\/bit.ly\/2lRAamD\" target=\"_blank\" rel=\"noopener\">EURCHF<\/a> was just one of them.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0e2e12c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0e2e12c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f4d2967\" data-id=\"f4d2967\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f8b8960 elementor-widget elementor-widget-image\" data-id=\"f8b8960\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1010\" height=\"1024\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/06\/795be2b8-6141-4320-956d-c924c78adda7.png\" class=\"attachment-large size-large wp-image-10344\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-99cb629 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"99cb629\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7511126\" data-id=\"7511126\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-510a2b7 elementor-widget elementor-widget-text-editor\" data-id=\"510a2b7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Today SNB\u2019s Chairman Thomas Jordan said that \u201cinflation would really have to go out of the range of price stability to consider altering policy\u201d, and during the latest SNB policy rate decision announcement we learned that the SNB\u2019s baseline scenario is for the global economy to ease restrictions and for strong growth to occur during Q2 and Q3 of 2021.<\/p><p>For now, the SNB is maintaining its expansionary monetary policy with a view to ensuring price stability and providing ongoing support to the Swiss economy in its recovery from the impact of the coronavirus pandemic. The SNB policy rate stays at -0.75%, while the Swiss franc remains \u201chighly valued\u201d.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-18c30d2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"18c30d2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-fa967cf\" data-id=\"fa967cf\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-89f56ad elementor-widget elementor-widget-image\" data-id=\"89f56ad\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/bit.ly\/31pdEAU\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"373\" height=\"141\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/06\/USDCHF-sent-1.png\" class=\"attachment-large size-large wp-image-10345\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5da8e14 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5da8e14\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3ad2a5b\" data-id=\"3ad2a5b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5e8fe27 elementor-widget elementor-widget-text-editor\" data-id=\"5e8fe27\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"http:\/\/bit.ly\/31pdEAU\" target=\"_blank\" rel=\"noopener\">USDCHF <\/a>sentiment on the ActivTrader platform is getting towards the extreme of bullishness. Which usually means the prices will squeeze lower until these traders puke or reverse. With that in mind looking at a daily chart of the USDCHF we could be about to find a decent level to reverse off.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e8ba38a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e8ba38a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5002d71\" data-id=\"5002d71\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4d7581e elementor-widget elementor-widget-image\" data-id=\"4d7581e\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/bit.ly\/31pdEAU\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1024\" height=\"539\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/06\/USDCHF-range.png\" class=\"attachment-large size-large wp-image-10346\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4c901f31 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4c901f31\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5fa17638\" data-id=\"5fa17638\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-66a1a3c7 elementor-widget elementor-widget-text-editor\" data-id=\"66a1a3c7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"http:\/\/bit.ly\/31pdEAU\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d1d16b2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d1d16b2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6f4ac13\" data-id=\"6f4ac13\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-19dfb94 elementor-widget elementor-widget-text-editor\" data-id=\"19dfb94\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>In the above chart I have boxed a consolidation area of balance and the dashed horizontal line is the median of that price range. Today\u2019s bullish US dollar move could push the USDCHF to that level and if it were to magically act as resistance, I would be keen to look for a reversal to the downside. We are currently slightly above the median of the previous bullish move from the late 2020 lows to the significant swing high so that is the potential signal that any downside moves have now been removed. But I would like to see USDCHF get above the dashed blue horizontal around 0.9150 before getting too excited for a long trade.<\/p><p>On the next chart we are seeing prices back above the daily 200 ema which is also adds to the bullish scenario.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7c51dd3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7c51dd3\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-dbc2646\" data-id=\"dbc2646\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0da84f5 elementor-widget elementor-widget-image\" data-id=\"0da84f5\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/bit.ly\/31pdEAU\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1024\" height=\"542\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/06\/USDCHF-resistance.png\" class=\"attachment-large size-large wp-image-10347\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-50dda4a9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"50dda4a9\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2aa2ec04\" data-id=\"2aa2ec04\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1926d93f elementor-widget elementor-widget-text-editor\" data-id=\"1926d93f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"http:\/\/bit.ly\/31pdEAU\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d8cabcd elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d8cabcd\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2131806\" data-id=\"2131806\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e0e4503 elementor-widget elementor-widget-text-editor\" data-id=\"e0e4503\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Looking fist at the Ichimoku cloud, price is trading in the middle, so I would expect that momentum would at least ease off, rather than this just exponentially run through the cloud. Looking left the price action was messy on the way down at these levels, with lots of little consolidatory ranges.\u00a0<\/p><p>The next level of resistance could be from previous market structure which acted as support, and that would come in around 0.923 and coincides with prices around a fib 61.8% retracement level.<\/p><p>The SNB would like to depreciate the franc, and this could be their moment to do so. Though until we start seeing continued bullish moves in the US dollar basket of currency pairs, I am sticking with a dollar reversal in the next couple of days. If it does not happen I will look for previous resistance to start acting as support.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>USDCHF Forex Analysis In December 2020, the United States released a report that concluded Vietnam and Switzerland met all three criteria for currency manipulation under the Trade Facilitation and Trade Enforcement Act of 2015. The tests assess trade surpluses with the United States, a material current account surplus of at least 2% of GDP over [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":10354,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[239,200,469,329,55],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.6 (Yoast SEO v20.11) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Swiss franc down as SNB keeps policy unchanged - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/swiss-franc-down-as-snb-keeps-policy-unchanged\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Swiss franc down as SNB keeps policy unchanged\" \/>\n<meta property=\"og:description\" content=\"USDCHF Forex Analysis In December 2020, the United States released a report that concluded Vietnam and Switzerland met all three criteria for currency manipulation under the Trade Facilitation and Trade Enforcement Act of 2015. 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