Following comments from the SNB in talking down the swissie again
The pair is gathering solid momentum on the day as mentioned earlier here, and got another kick on the way up after SNB's Maechler tried to jawbone the swissie lower here.
The 1.1800 level will be a psychological barrier that may hold the pair back for the time being, but it feels like it's only a matter of time before we test the January highs of 1.1833 again.
The swissie and the yen (risk-off currencies) have been on the receiving end of a beatdown today, despite the slump in equities in Asia and earlier in Europe.
Currently, European stocks are paring losses as we head into the US trading session. Eurostoxx is down by only 0.43%, Germany's DAX down by 0.66%, and UK's FTSE is basically flat on the day.
If the two risk-off currencies are already facing troubles when stocks are slumping, what more when sentiment starts to turn around?
