Remember how difficult it was to break the 0.7990/.8000 area on the way down in USD/CHF?
That level should be a difficult level to surmount on a sustained basis if the SNB and the Swiss government fail to come up with a credible plan to peg the franc or weaken it in some alternative fashion.
We reached 0.7998 yesterday before stalling, strengthening that area of resistance.
Traders will be closely attuned to any utterances after a Swiss cabinet meeting tomorrow where the franc is said to be the prime focus.
We trade not far from session highs of 0.7950 .
