Swissy remains relatively weak, with the EUR/CHF cross up at 1.4780 compared to a European opening around 1.4735. The currency isn’t being helped by the proximity of tomorrows SNB rate decision. It is widely expected the bank will trim rates 25 bps, but that’s not the problem. There is palpable wariness over what the SNB might possibly say regarding quantitative ease/intervention. Until this out of the way, swissy likely to stay on the back foot.

While its someways away, it’s probably worth mentioning again. Sources report a “large” stop loss buy interest lined up at 1.1715/20 in USD/CHF. We’re presently down at 1.1550.