EUR/CHF looks to have stemmed the rot at the first time of asking

That should provide some relief to the SNB

A look at the daily chart sees the pair hold on at the 23.6 retracement level at 1.1551, and after seven days of declines we could be in store for a positive outing today. While buyers are not in the clear yet, it's an encouraging sign.

And more so to the SNB. It's taken a while for the Swiss economy to show signs of steadiness and today's data points (consumer confidence, retail sales, and manufacturing PMI) are all relatively solid and continues to reflect an improving economy.

A strengthening swissie would get in the way of the SNB normalising monetary policy, and surely is something that they can't afford to let run at this point. And it's probably something that will worry their books too. *wink wink*

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