Earlier I noted that the increase in SNB sight deposits perhaps indicated a safe-haven status again then highlighted the offered price action above 0.9510
As the sorry saga of Greece continues there is increasing talk of CHF demand again despite the negative depo rates and we've seen that reflected this morning
USDCHF did indeed cap at those 0.9520 offers and since been back to 0.9461 as EUR weakness preys on EURCHF taking out decent bids at 1.0340 to post 1.0323
Traders/markets often need to look for reasons rather than just attribute to flow but I think the safe-haven scenario plays out, whether we think rationally or not nowadays, which of course gives the SNB on-going reason to keep the headache pills close by.
And that means we can expect them to be keeping a close eye on current price action.
