I’ve been long EUR/CHF since the peg was rolled out and I’m thinking about adding here. The SNB’s Danthine warned earlier today that the SNB is prepared to act. The Swiss may have also used the G20 smooth over any problems caused by the intervention.
An inflection point on the chart rests just 20 pips below spot at 1.2116. The SNB may take action soon after this level is broken. If not, look to exit on a bounce back to 1.2137 for a miniscule loss and put a stop at 1.2090.
The downside is 47 pips, the upside is 300+.
