Traders report that there had been lots of buying of short-dated downside protection in EUR/CHF (bearish bets)  in the last few sessions in the run-up to the SNB meeting, hoping the SNB would soften their tone on keeping the franc weak. Oops…

Beware a squeeze higher should the SNB come in and inflict pain on these fresh shorts.

We trade at 1.4622, having been as high as 1.4230 after the SNB held rates steady and said they would continue to keep the franc from strengthening.

Swiss National Bank due to announce rate decision at 13;00 GMT.  It’s not really the rate decision which is awaited if truth be told.  There is a strong consensus rates will be left on hold at 0.25%. Rather the market will be watching for any change in rhetoric regarding swissy strength. At December’s meeting SNB said it was choosing to prevent “excessive appreciation” as opposed to previous “any appreciation.”

Any further percieved, or actual, softening in tone would likely see 1.4600 in EUR/CHF  give out in double-quick time.

Right has that woken anyone up.

Swiss National Bank is said to be sitting on the bid in EUR/CHF at 1.4610.

I think I might go back to bed for a few hours kip. Boring, I should coco.

Cross up at 1.4629 from session low 1.4612.

Demonstrably stronger than median forecast calling for +2.3%

December’s rise of 4.7% was downwardly revised to 4.4%.

EUR/CHF continues to trade in very steady fashion around 1.4630.

Traders also report stop-loss sell orders in USD/CHF from 1.0700 down to 1.0680

Traders report a fresh batch of stop-loss sell orders are building just below the 1.3500 level as the market continues to slosh to and fro, consolidating its recent losses. Rebounds remain shallow, and until we get above 1.3700, bears remain comfortable and in control.

EUR/USD is getting a modest lift from another SNB drive-by attack on EUR/CHF. We spiked to 1.4657 from 1.4623 in two minutes and now trade at 1.4638.

EUR/GBP is rebounding late in the session, rebounding to the 0.9087 level after a dip to 0.9050 a short while ago.

Talk of 0.9100 barriers made the rounds earlier in the session…

Swiss Q4 GDP has come in at +0.7% q/q, +0.6% y/y, demonstrably stronger than median forecasts of +0.4%, -0.4% respectively.

EUR/CHF continues to do very little, presently at 1.4633. Seems market wary of pushing toward 1.4600 line fearing it could awaken the SNB.

EUR/CHF sits at 1.4632, seeing very steady trade.

I guess we should note that the SNB quite likes intervening on a Friday.

The EUR/CHF has popped from 1.4630 to 1.4675 on rumours of SNB intervention. No confirmation yet but it looks to be genuine.

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