Having a look at EFX’s trade board we can see who was short Swissy as the SNB went to negative rates earlier today.
- SocGen were long GBP/CHF at 1.5040 from the 21st Nov. Their TP is 1.56, SL 1.49. There’s was a pre-gold vote trade
- Credit Agricole were also long GBP/CHF at 1.5140 since Sep 17 (TP 1.58, SL 1.47) That was a Pre-Scottish vote trade
- Danske are long USD/CHF at 0.9620 since 10th Nov (TP 1.02, SL 0.94) They’re playing the Franc cap but in this pair rather than short EUR/USD
The only player in EUR/CHF is BNP Paribas
- They’re long at 1.2305 since Feb 11 after buying a pullback on a flight from CHF deposits and positive Eurozone news (TP 1.25, SL 1.1970)
Looks like BNP are in the retirement trade as well
Credit Suisse are orders in to limit long at 0.9750 in USD/CHF today (after the bounce by the looks of things) looking for 0.9970 with a 0.9695 stop.
No doubt we’ll be hearing how buying dips in swiss pairs is the way forward. That should get the sheep helping our longs
If you want to see what else the banks are up to then grab a free trial from EFX here
