The pair fell to a low of 0.9210 earlier in the day and also in overnight trading, that being the lowest in nearly a year. I'd still argue that this is the lowest since April as the pair once again finds itself in a tricky spot just above the 0.9200 mark. The figure level seems to be where "someone" is drawing the line on the bottom for the pair these days. *coughs in Swiss notes*
The SNB is already now dealing with the potential threat of deflation again and having to perhaps resort to negative rates sooner or later. The last thing they'd want is for the Swiss franc to breach a key level and strengthen further. Intervention time? Keep your eyes peeled on this one.
The 0.9200 mark is one that we've yet to see meaningfully broken since hanging at the lows for about a year-and-a-half now. It could mark one of the more significant moves in what otherwise looks to be a dull week.
