I think the SNB is legging out of some of their massive EUR/CHF stockpile.
The BIS has been a heavy seller of EUR/USD today, which helps push up USD/CHF. Heavy offers then come in to cap the USD/CHF? Could it be the SNB offering the USD/CHF? That would be my bet…
Traders report strong offers in USD/CHF now between 1.11560 and 1.1580…
