EUR/CHF did very little on Wednesday as the Swiss National Bank and its line in the sand at 1.20 is still holding up. The SNB is working hard to keep this pair above that level, and the market is certainly aware of this. The breaking below of the level would trigger massive intervention, and would be a risky trade to take. Because of this, we cannot sell at this point. The buying of this pair isn’t going to do much either as the Euro simply isn’t a currency that anyone wants to own. This market is dead at the moment.
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Originally posted here