Yesterday Adam reported on rumours of EURCHF bids from the SNB at 1.2060 and while it’s reasonable to suggest this might be the case my enquiries to market contacts have yet to substantiate it although naturally enough the level has now attracted some buying interest along with a few more USDCHF bids below 0.9140.
No smoke without fire though, and from above 1.2200 I have talked about them not getting involved until 1.2050 at the earliest so hey, what’s 10 pips between friends.
Market forces will still be the decider on this one and so far it says it’s not panicking with highs of 1.2088 from lows of 1.2073, which tells us that EURCHF longs are keeping their fingers crossed for a rally without the confidence to drive it higher and those, such as me, that have been bearish on the pair expressing more cautious appraisal.
Neither side should be complacent though so I’m square again and looking to sell the rally again above 1.2100 with CHF demand still naturally out there as world events continue to hold key cards in the hand.
And the SNB of course.
