The SNB move yesterday to put a base under EUR/CHF, 1000 pips above where it was trading, is unprecedented. It will take some weeks or even months for all the ramifications to become clear but attempts to intervene in the marketplace invariably end in tears. Nevertheless, the short-term effects have been to drive the market back to the USD and this trend may stay with us for some time.
I think its unlikely that the new Japanese government will be ready to take advantage of the Swiss moves but they will surely be tempted.
Good luck today.
