By FXEmpire.com
The EUR/CHF sat still during the Thursday session as the Swiss National Bank continues to fight the bears in this pair. The 1.20 level looks mightily supportive at the moment, and because of this we don’t sell. After all, this is the level that the SNB has openly stated that they were going to defend, and because of this we can only buy this pair if we do anything at all. In fact, this is a positive swap pair, so some traders are simply buying and collecting the small swap every day. If the pair falls below the 1.20 level, intervention is almost guaranteed at that point, this of course would drive the pair much, much higher. Because of this, we have a small position on at the moment.
Originally posted here
