SNB Chairman Jordan speech!
Today at 17:00 GMT! This is the men who broke several FX brokers and destroyed thousands of traders when he decided to remove SNB’s EUR/CHF 1.2 cap. Sure, his move was fully legit, but the way of execution didn’t, that’s for sure. Be aware of possible strong moves at CHF pairs, who knows what ‘surprises’ Mr. Jordan could launch again!?
The big problem with the Swissie is the generally low level of liquidity. Hence you can see big moves for relatively insignificant events or sometimes nothing at all – not even a rumour. Thus the SNB is able to intervene effectively unlike say BOJ who prior to Abeconomics tried many times to intervene with either very limited or no effect. Personally I have not touched the Swisse for a few years or be more precise when I was slipped 200 pips on the introduction of the peg. The reason being no more complicated than technicals tend not to work when you have a central bank intervening. Clearly the technicals did work when the peg was removed – though that was hardly intervention with the removal of the peg. Maybe I should be relooking at the Swissie with a view to trading it on strict technicals.
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Same here, last chf trade I had few years ago, when SNB was talking about raising the peg at 1.25!