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.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
