SNB statement at the top of the hour

I haven’t seen any confirmation of an SNB announcement at 1600 GMT (in about 15 minutes) but there is second hand talk that sounds like it’s a certainty so I’ll be ready.

I would say there is a near-zero percent chance of any change in the 1.20 peg today. I can’t imagine that more than 20 pips of the move higher is pricing in that outcome. If there is a statement, I expect it to confirm the SNB’s willingness to buy EUR/CHF in unlimited quantities. In the past, this has also helped boost the pair.

I would take profits on short-term longs ahead of the announcement but hold onto a portion.