With the SNB in a bit of disarray after the sudden resignation of Chairman Hildebrand, speculators have a small window of opportunity to test the resolve of those who left to mind the store. Interim Chairman Jordan said the 1.2000 peg remains in place but the market may want to take him on to see if he is a man of his word.
Heavy stop loss sell orders are clustered below 1.2100. We fell as low as 1.2106 after Hildebrand news hit the tape this morning. Expect one or two more pushes to the downside in the next day or two.
If unsuccessful, its back to the 1.21/1.2450 range…
