“Hello? EUR/CHF is below 1.5200. Where are you?”
That’s what traders are asking as CHF comes under some upward pressure as traders flock to the traditional safe-havens amid a round of flight to quality in the markets today. Add in to the equation that many are long EUR/CHF to the gills, expecting the SNB to bail them out on any dips.
So far the SNB has not been in the market to buck the tide today, leaving stops below 1.5150 vulnerable. Leave it to them to come in and goose the market onlt after the specs get burned on the long side of the market. EUR/CHF trades at 1.5175.
