15 January 2014 09.30 GMT lest we forget.
The price action we saw a year ago today makes the earlier jump in USDCAD rather pale by comparison as the franc rallied in unprecedented fashion to post 30% gains in minimal time.
Markets have been reverberating since not to mention the pain felt by many traders as banks/algo boxes and broking platforms combined to impose some serious losses.
The rights and wrongs of being long EURCHF at that time have been well covered on these pages as indeed has our genuine concern to see many of you at least best prepared for battle in the ensuing fall-out.
Since the 1.2000 cap was removed there has been much talk about 1.1000 being the new line in the sand albeit a far more flexible one and we have now gravitated back toward that level after a previous attempt in sEPT2015 capped around 1.1050.
I have banged on about SNB support many times in recent months and their presence can not be underestimated. EURCHF at 1.0650, then 1.0750-80 and most lately 1.0830 have all provided strong platforms for further rallies to 1.0983 yesterday in the wake of the ECB comments to Reuters.
Currently nudging up to session highs of 1.0962 My view remains the same that although we may struggle to make too many more immediate gains past 1.1100 we will continue to find support in the dips. Think 1.2000 but just a bit more flexible.
I'm out of here now. Thanks for all your brilliant support and input again this week as ever.Make sure you take time to rest this week-end ready for the on-going battle ahead.
