Latest data released earlier suggests the SNB have been in to weaken the swiss franc
Domestic sight deposits rose to CHF 406.14bln in w-e 18 Dec vs CHF 401.4bln prev, indicating that banks are preferring to find a safe haven for their funds
A rise in sight deposits can point the finger also at SNB intervention, (although year-end cash flows may be playing it part) and this morning's price action of EURCHF heading higher despite euro weakness elsewhere puts the central bank in the frame as I highlighted in my order board post earlier
Last week EURCHF fell to 1.0756, its lowest level since 6 Nov, but has been well supported since and again from 1.0780 this morning
USDCHF has also seen a solid rally so far as part of the "smoothing"
SNB recently left interest rates on hold but threatened more intervention
Currently 0.9955 and 1.0809 both near session highs
