EUR/CHF finds a persistent bid in rally to two-day high
The euro is at a session high against the Swiss franc as the steady buying that emerged in European trading continues. The euro is also catching a broader bid.
The pair was flat on the day at 1.0835 as traders in Europe arrived but it has steadily climbed to 1.0888 -- the highest since Tuesday.
SNB probably hasn't intervened
The SNB has repeatedly said it can and will intervene in the FX market. Data released today showed they probably weren't active in September.
FX reserves rose 1.7% to a fresh record of 540.4 billion francs. However, much of the reserves are in euros and the 2% rise in EUR/CHF was probably be the reason for the rise in reserves in franc terms.
EUR/CHF
Looking ahead, I expect the bid that materialized in European trading to disappear as European markets go offline. In the meantime, there is very little resistance until Thursday's three-week highs at 1.0903. Beyond that, the target is the August high of 1.0962.
EUR/CHF 10 minute chart
