EURCHF stalls at 1.2300 but remains well supported

I posted my thoughts on this pair earlier this month and in the past 24 hours we’ve seen the biggest moves in a while.

Currently stalling at 1.2300 we can expect good short-term demand still at 1.2275-80 with buyers looking to get on board all the way back down to 1.2200.

Still not clear whether the SNB are behind this latest move higher, or whether the talk of raising the peg to 1.2500 has any foundation but it wouldn’t surprise me if so, and I’m hearing of a major swiss name buying over USDCHF2.5 bln in the past 24 hours.

I, for one, will be not be shorting this pair at any point and would sell only to book some profit.Keep buying dips still seems the way to go.