Despite the reported BIS offer at 1.3820 , middle eastern EUR/USD buying is still in evidence and EUR/CHF buying is adding to the topside pressure . Asian sovereigns however have been noted sellers towards the earlier highs of 1.3740
Fears of a peg hike in EUR/CHF are getting a bigger airing which is driving the cross up to fresh 5 month highs around 1.2450.
As mentioned yesterday there have been calls from trade unions in Switzerland to hike the peg to avoid a downturn in the swiss economy and threats to employment.
Markets are attempting a clear break through that 1.2435 level I mentioned earlier and a close above there tonight should signal further gains up towards 1.2600
UPDATE: Now hearing EUR/CHF buying was a UK clearer on behalf of a fund
