Traders report a large barrier option is in play at the 1.4200 level in EUR/CHF. Nothing attracts price action like a big barrier. The owner of the option wants to protect his investment while the bank that sold the option wants to knock it out to erase its potential exposure.
1.4232 was the low for the move last week before back-up plan for Greece was unveiled.
Traders are increasingly daring the SNB to put their money where their mouth is…
