EURCHF moving up to 1.0729 again as the ECB announcement approaches
SNB being a smoothing-operator again ? Can never rule them out of the equation as I have pointed out on a regular basis here in recent months/years in various posts, order boards and sight deposit reports.
Throw in my recent post on the recent increase in SNB reserves and FXL readers can not say they haven't been warned forewarned/forearmed about the latest spikes.
Whilst I was previously very vocal warning against traders taking longs just based on the SNB 1.2000 peg I have since been equally vocal in the aftermath about recommending dip-buying on the pair.
I've highlighted before that the SNB prefer to intervene in USDCHF while giving EURCHF a helping hand too and now we see a line at 1.0140 putting a base under that pair. If that gets filled then we can expect more all the way back down to 1.0100
No confirmed reports but I'd hazard more than a guess that it leads back to Jordan & Co, arguably the world's top currency manipulators.
Currently 1.0145 and 1.0714 let's see if the ECB delivers any dovish tones that might justify this latest support, or else we can just go with the on-going close attention by the SNB, as widely publicized by them, to CHF safe-haven strength with European elections this year only compounding the fragile global political landscape generally.
That natural demand invariably lends itself to good rally selling interest and that makes a the pairs an excellent jobbing vehicle.
Great two-way business. What's not to like?
