Is there anyone out there crazy enough to fight the SNB and be selling EUR/CHF at 1.2020? I can’t fathom anyone with the guts to be selling at these levels in the immediate aftermath of the SNB announcement … so the trade must be to buy EUR/CHF as close to 1.20 as possible.
My feeling is that the market will push EUR/CHF below 1.20 at some point in the next 24 hours, if only to see how the SNB reacts. So I wouldn’t put a stop right at 1.1999. If the SNB prove to be as tough as they are talking, buying at these levels is going to look really good.
