CHF pairs have been on a notable journey south this session 11 Aug
EURCHF down to 1.0859 from 1.0895 today and 1.0925 yesterday , USDCHF down to 0.9733 from 0.9765, GBPCHF down to 1.2639 from 1.2689
Get the picture ? ( " Yea we see" - as the Shangri-Las sang ).
It appears that the franc is finding a bit of safe-haven love again as all around it seems to be in back foot mode. The SNB have been notably shoring up USDCHF for a while now but currently seem to be on Summer vacation. Traders shouldn't get complacent though and we can expect Jordan & Co to have a couple of hotlines not too far away.
Immediate bids on EURCHF close by at 1.0850 with larger interest into 1.0800 which has held in August so far .
Last time the SNB came in was 5 Aug driving USD CHF ( their intervention pair of choice) up from 0.9730 to 0.9807 so traders should stay alert for a similar line in the sand to hold. Prior to that it was 29 July in a push higher from 0.9640 t0 0.9705.
As always keep an eye on cross pairs to gauge sentiment/price action on core pairs and there's a whole load washing through EURUSD right now.
