EUR/CHF earlier bounced ‘aggressively’ up to 1.2023 from the low of 1.2013. It’s only 10 pips but everything is magnified as the pair nears the Swiss National Bank’s line in the sand at 1.2000.

The euro has put in a solid week but this pair has continued to wilt and it’s back near the lows.

EURCHF intraday

EURCHF intraday

There is talk the SNB would intervene around 1.2009.

I don’t see any risk of policymakers abandoning the floor but they may be pressed into action. The next SNB meeting isn’t until Dec 11 but the main event on most traders’ calendars is the Nov 30 gold referendum.

For me, I had a buy orders at 1.2015 so I’m long EUR/CHF and thinking about adding more.