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I was away all day today, but the development that immediately catches the eye is a complete reversal of yesterday's gains in Swissie. The pair rocketed when SNB announced that there will be fewer exemptions from negative interest rates. Haven't catched up on today's news yet, but it isn't necessary to associate every price move with a fundamental catalyst.
From purely technical perspective, the pair fell because traders were more eager to sell it than buy it (whatever their reasons). The pair remains contained in 0.95 - 0.985 range, and will likely bounce from here a bit as it is near range bottom and initiation point of yesterday's rally. The downside is protected by 200 DMA, but judging by today's price action, that could give way as early as next week.
But, returning back to fundamentals, SNB signaled that it may introduce additional measures to stem further falls, especially in EUR/CHF.
From purely technical perspective, the pair fell because traders were more eager to sell it than buy it (whatever their reasons). The pair remains contained in 0.95 - 0.985 range, and will likely bounce from here a bit as it is near range bottom and initiation point of yesterday's rally. The downside is protected by 200 DMA, but judging by today's price action, that could give way as early as next week.
But, returning back to fundamentals, SNB signaled that it may introduce additional measures to stem further falls, especially in EUR/CHF.
