By CountingPips
The EUR/CHF came alive this morning and trades at its highest level in over month. This pair has been more or less dormant for the last month as the Swiss National Bank (SNB) has vowed to keep the pair above 1.20 to stem too much strength in the franc (hurting Swiss exports). The EUR/CHF continued to stall just above the 1.20 level lately as traders have anticipated intervention by the Swiss Bank.
Although today’s bullish action is very unlikely due to SNB buying, it will be interesting to see if the move will be sustained and present higher levels into play or will be beaten back down and perhaps testing the SNB’s resolve in keeping the pair above 1.20.
EUR/CHF – Breaking out of its recent range on the 4-hour chart
