Are we seeing the Swiss National Bank back in to support EURCHF ? 8 May
Certainly seems like it to me judging by the price action prevailing and EURCHF holding.
Pictures paint a thousand words so have a look at these.
The tell-tale line is that on EURCHF at 1.0850 but to defend or simply put another line in the sand I'd also guess that they've underpinned USDCHF above 0.9900 too.
Note the rise in USDCHF as EURUSD fell but rallies capped as EURCHF also fell back from 1.0897 Asian highs. Once 1.0850 is tested again though we see a rise in both USDCHF and EURUSD.
EURGBP and EURJPY also off their lows.
A case of keeping your eye on cross pair action in a bid for clues to help you trade. In this case I think it's a safe assumption to point the move to the SNB once again "smoothing" in a concerted on-going case of currency manipulation.
