It's a session of euro decline as equities firm but there's one pair that's shown stubborn resistance
Yes folks, step forward EURCHF once again which has more than held its own between 1.0880-1.0900 as USDCHF takes a steady path up to 0.9632 from 0.9570.
Not for the first time when the euro comes under concerted pressure have we seen this happen and once again the fingers are pointing to Jordan & Co at the SNB.
They've been very vocal about maintaining a presence and have lately been successful in keeping the franc from further appreciation. Not unreasonable to think they're keeping a firm hand on the tiller again this morning.
Yes we've had a session of general USD demand but in other pairs it's been more whippy whereas USDCHF has just kept on going with EURCHF very much being contained. Offers now into 0.9650 but expect demand at 0.9600.
