EURCHF has been on a steady move lower all session and now posting 1.0945
I've been banging on about the SNB being a close watcher and intervener for a while now.
The sudden move earlier in the week to 1.1000 reeked of their pre-empting yesterday's initial dip in the euro and giving themselves some wriggle room. Then after the announcement and before the presser yesterday I posted on them being around again.
The way I read it today is that they've done their hard yards for the moment and don't see the need to step back underneath a move which is essentially a correction of an overdone rally yesterday.
They will however continue to stand poised should the deem it necessary to underpin again. After all they wouldn't want all this work to go to waste and I remain a dip buyer.
Immediate support/demand is seen between 1.0900-20 and then all the way down to 1.0800 again. Topside supply/resistance continues to be into 1.1050. Seems to me the SNB are happy not to deviate too far from 1.1000 for the moment as they have previously intimated.
I'm out of here now so I'll wish you all a great week-end, and thanks as always for your brilliant support and input.
