The reaffirmation of the US AAA rating is the catalyst for the renewed slide in the franc, traders say. A bit more of a reaction than I would have expected, but what do I know…
Traders note very solid buying by a UK clearing bank on the jump from 1.1200 to 1.1350. As ever, the Swiss market remains thinner than a cocaine-addled runway model.
Prices rallied earlier today on talk of the SNB calling around, checking prices in the forward market. I guess they want traders to think they will flood the market with more francs via swaps…
Next resistance is at 1.1380, followed by 1.1460 trend highs.
