EUR/CHF fell on Thursday in a rare show of movement. The pair is still hovering above the 1.23 area, and is likely to only have limited downside potential
EUR/CHF fell on Thursday in a rare show of movement. The pair is still hovering above the 1.23 area, and is likely to only have limited downside potential as the Swiss National Bank is willing to intervene if we get too close or below the 1.20 level. The market is one-way because of this, and quite frankly – we would love to see it fall down towards that area. The reality is that we can only buy this pair because of the SNB, and will have to wait to see what Europe does about its financial mess. The plan that could come out over the weekend is possibly the catalyst for a move up finally. Because of this, we hesitate to put a position on until Monday.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
