The earlier surge to 1.1000, potentially SNB inspired, has run out of steam
Contrary to my eminent colleague's claim that there's only one show in town this morning I'd throw CHF pairs into the title race too.
Further to my earlier post highlighting the surge in USDCHF and EURCHF we're now seeing prices retreat in almost equally rapid fashion.
USDCHF now down to 1.0001 and EURCHF 1.0970 from 1.0039 and 1.1000. The nature of the price action suggests that 1) the SNB have stepped back again for the moment having made their mark or 2) they were never there in the first place and major names have just had a play around and now taking profit with the failure of making further gains through 1.1000.
I favour a scenario of a bit of both and I would expect dip-buying again into 0.9960-80 and 1.0935-50.
