EUR/CHF is trading at 1.5380 at writing, slightly lower on the day having opened in Europe around 1.5395. Sources report that the BIS has been capping the topside today, having been seen selling above 1.5400 earlier.
The bank is probably booking a few profits on all the EUR/CHF it bought just ahead of the SNB announcement that they intended to intervene to weaken the swissy. Wish i had some friends like the SNB.
Downside remains limited due to fear of renewed SNB activity. Any downside retracement toward 1.5180/00 (if we see it) should ellicit good buying interest, as this is the area many feel SNB will aggressively defend.
