EURCHF has enjoyed a solid rally in the past 24 hours so does the SNB know something we don't ?
I highlighted the possible SNB action in the orderboards and again in my ECB preview.
EURCHF was trading gently underpinned between 1.0900-20 then yesterday took off when the Euro elsewhere was under the cosh.
Recent ECB meetings have seen a little advance protection but not as notable and further demand in the past hour or so has given the euro a lift overall.
Ok, it could be a case of the SNB being cautious and not in the know. On the other hand they might just be cushioning the potential fall out. There's certainly some sell interest at 1.1000 capping the rally so far.
We'll find out soon enough.
ECB interest rate decision due at 11.45 GMT
