EUR/CHF: US consultants reckon SNB cannot continue to intervene

For those who missed it overnight, a US based consultant issued a report which was particularly bearish for EUR/CHF. They concluded that the SNB could not continue to intervene in EUR/CHF as they have in recent months which would logically mean that the cross has further to fall.

The SNB was very eager to sell into the big rally off the 1.40 low which would seem to confirm that they were sitting on an uncomfortably big long position.