EUR/USD dragged up by EUR/CHF…

EUR/USD ran up to 1.2621 before stabilizing, retesting the break-out to the downside seen just yesterday and strengthening that level as resistance.

The rumor that the Swiss government may impose a tax on Swiss franc-denominated deposits has gotten the EUR/CHF cross off the floor at last. Now they need to follow through or risk the SNB being bull-dozed by the hot-money crowd which bought the cross on the back of the rumor…