A subtle warning to markets, perhaps?
I can't help but take notice on the timing of the comments here. The SNB is never known to make monetary policy comments outside of their scheduled time slots so this certainly will raise some eyebrows. Seems like they're making these comments in conjunction with an IMF visit but still, the below sentiment applies.
As mentioned many a time, their comfort level is for EUR/CHF to trade between 1.12 to 1.14. However, since the end of last week, that price range is being threatened with the pair starting to take a crack below the September 2018 support.
From a technical perspective, this looks to be a great trade to go with the break to the downside. But when you could incur the wrath of the SNB and with comments like these, it's best to be a bit wary.
