So says Thomas Jordan on Reuters. He deems it unnecessary to intervene to defend the cap in the immediate future.
With the dollar euphoria EUR/CHF has had another look above 1.22, again by 4 pips and we’ll need to see a proper break through to see a decent push further up. The level is currently the underside of the broken Feb 2013 support line.
EUR/CHF daily chart 20 03 2014
Adding further comments says;
The cap is very important
CHF appreciated due to financial market uncertainty
The cap is very credible in financial markets
Situation in Europe has improved but Europe’s problems haven’t yet been solved
Emerging market problems may burden global growth
Swiss economy doing comparably well and exports may benefit from faster global growth ( Go long cuckoos
