EURCHF posts fresh recent highs as CHF weakness continues

Author: Mike Paterson | Category: News

Swiss franc weakness has been a feature again today 7 March

EURCHF now posting 1.1690 levels not seen since late Jan and USDCHF seemingly with a line in the sand at 0.9360 ahead of larger interest at 0.9330 and 0.9300 that I've been banging on about for ages now.

It would be easy to throw SNB "smoothing"into the plot and sitting on the bid but yep that's me. Always trying to keep it simple. Don't forget they're sitting on an awful long USDCHF position right now and won't want it heading much lower with 35% of reserves in the pair and last revalued a lot higher. I wrote about it earlier today too.

Also some option expiry interest on USDCHF at 0.9410 proving a bit of a magnet too and helping to underpin. Oh the fun I used to have defending those back in the day.

Offers/res at 0.9430 and 1.1700 the next levels to breach but expect some longs being happy to take some money off the table too.

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