Talking of intervention have we just seen the SNB back in ?

The Swiss National Bank have been noticeably absent from the fray lately.

Something I've been highlighting this week as CHF safe-haven demand has returned unchallenged to post 0.9661 and EURCHF down to 1.0950 earlier today before spiking around the same time as the surge in USDJPY after BOJ intervention talk.

5Magics also makes the observation in a comments thread and there is some merit in suggesting we could be seeing some more smoothing with USDCHF now 0.9718 and EURCHF 1.1030.

Part of this move though can be attributed to general euro demand and the sharp rise in EURJPY with CHFJPY lagging behind.

Either way I remain of the view that the SNB are watching very closely and will underpin CHF pairs/smooth the falls. No central bank is bigger than the market but that's not to say they can be ignored.