My name is Mike and I’m not long of USDCHF or EURCHF.
There, I’ve said it and now made public on the front pages what I’ve been saying in various comments threads over the past few days and I would welcome anyone else into this group therapy session who also has my problem!
The pairs have been under gradual downward pressure for a while now but still attract the feed-me peg-related buyers like chocaholics around a stash of one of Switzerland’s major exports.
And where is that EURCHF peg ? oh yeah, 231 tics away.
Yes the SNB will keep it in place for a while yet and yes they will probably look to to defend it ahead of the time but with the market already well short of CHF ( Oanda reports an 87%/13% ratio) were do the existing longs really think this will get up to from 1.2000-1.2050 ?
EURCHF H4 9 Dec
Ok, so yes I was a short-CHF player for a while but for me it’s lost its mojo. For the moment at least
Recent economic data has also been mostly positive for Switzerland and it doesn’t take a rocket scientist to see that recent USD-positive news has not made a dent higher in USDCHF and merely serves as fodder for the bears.The pair has crucial support around 0.88850 backed by a barrier at 0.8850 . EURCHF also has a decent size barrier at 1.2200
So I’m definitely not trying to talk anyone ( seemingly everyone here ! ) out of holding longs if you really do believe, and you’re in for the long haul, but something in my tea leaves, not to mention the recent price action, tells me you’ll be improving your average and testing your patience further before too long.
Current levels 0.8915 and 1.2231
