Jordan's comment in Le Temp
- SNB to maintain policy of negative rates, interventions
- SNB has leeway to maneuver on balance sheet if needed
The comments are in line with what is standard.
Technically, the EURCHF trades around 1.1000. The high for the year has reached 1.1087. The highs from 2016 reached 111.28 and 1.1198. The low in 2016 reached 1.06321. The low in 2016 reached 1.0618.
In July, the price moved above the 1.0980-86. That area was a ceiling going back to 2016 and also the May 2017 high Since the break there has been a couple tests of that old ceiling (see red circle 4 and 5 in the chart below). Holding above that area keeps the buyers in control.
Of course back in early 2015, the SNB stopped supporting the EURCHF at the 1.2000 level and the price tumble to below parity at 1.000 to a low of 0.9705. The high corrective price then was the 2016 high at 1.11984.