EURCHF demand has the SNB scent all over it

Sharp gains in this pair with the Swiss National Bank in the frame

I've repeatedly highlighted the demand in this pair and the constant threat of the SNB backing up its intervention rhetoric.

We can point the finger at them again today making the most of the month-end mayhem to drive EURCHF up to post 1.1166, new highs since Jordan & Co removed the CHF cap just over a year ago.

Today's euro demand has been exacerbated by EURGBP sovereign buying that I've also highlighted and earlier I reported the SNB's net gain in Q4 euro fx reserves.

The SNB will be putting bids in USDCHF and that has rallied back over 1.0200.

EURCHF currently backing off at 1.1140 but I recommend buying into the dips still. Support now will come in at 1.1120,1.1100 and 1.1080.