Everyone is a genius in hindsight but what were people saying in the hours immediately after the EUR/CHF peg was announced.

Here’s what I wrote:

Would Anyone Sell EUR/CHF at the Moment?

Is there anyone out there crazy enough to fight the SNB and be selling EUR/CHF at 1.2020? I can’t fathom anyone with the guts to be selling at these levels in the immediate aftermath of the SNB announcement … so the trade must be to buy EUR/CHF as close to 1.20 as possible.

My feeling is that the market will push EUR/CHF below 1.20 at some point in the next 24 hours, if only to see how the SNB reacts. So I wouldn’t put a stop right at 1.1999. If the SNB prove to be as tough as they are talking, buying at these levels is going to look really good.

There was a lot of skepticism right off the bat, just an hour after the announcement we had this:

“HSBC says SNB has just launched an endurance contest whereby the central bank needs to fight hard against a market that could soon test its resolve.”

HSBC analyst says “Putting EUR/CHF at 1.20 today is the easy part. Keeping it there or significantly above will be difficult if the world still looks like a gloomy place.” (a tip towards swissy’s safe haven status)

Others were convinced the floor would fail.

Shortly after the announcement the FT had a round up of analyst comments and more here.