Shock and awe is the reaction as the SNB takes advantage of thin markets to come in and give the franc a fresh push to the downside. So much for the grousing by Swiss bears that they were not doing enough to follow-up their intial efforts to weaken the domestic currency.
1.5300 barriers in USD/CHF and 1.10 barriers in USD/CHF have fallen by the wayside.
My guess is reaching 1.10 will satisfy the FX gods for now. Look for consolidation ahead of the Fed.
