Yes folks, it's CHF selling time again 27 July
Yesterday's currency story of the day has pressed the repeat button and we're seeing further losses for the swiss franc.
I noted the accelerating moves earlier.
EURCHF took out the offers/res between 1.1180-00 and now posting highs of 1.1227, not seen since that eventful day in January 2015 when the SNB let go of its 1.2000 defence. Expect some more offers/res between 1.1230-50.
USDCHF making the most of EURUSD being stuck around 1.1720 to post 0.9579 from 0.9500. Expect offers/res again into 0.9600
Yesterday I reported possible SNB interest but then also noted large hedge fund interest. Now seeing more of that interest with stops being triggered too.
SNB will not be rushing to taper loose mon pol any time soon and certainly not before the ECB so investors/funds are starting to buy with more confidence.
I have long been recommending buys of EURCHF dips and particularly from around 1.0300-1.0600 when the SNB really started to draw some lines in the sand.
I'm not so keen to buy up here but there's definitely a shifting of the sands with such CHF weakness now dominating the landscape. SNB board members have previously suggested a rate around 1.1000 might be appropriate but I doubt if they'll be grumbling too much at this latest move.
USDCHF 15m
EURCHF 15m
