The short-covering rally in the euro has been so strong today that even the moribund EUR/CHF cross has moved up today. From it’s typical 1.2010 perch it has rebounded as high as 1.2039 this morning.
It trades now at 1.2032. With the SNB long umpteen yards of EUR/CHF, I’m sure they’d love to knock a few yards out up here to lighten their load, but the dare not do it for fear of killing the rally in its cradle…
