The EUR/CHF pair rose on rumors that the Swiss National Bank is going to announce a peg to 1.25 of the currency pair. The Franc is far overbought, even with the recent selloff in the Swissy. This means that the pair could very easily rise and traders are simply trying to get ahead of the move it the SNB does in fact announce this. If they don’t there is a real chance of this pair falling back down towards 1.20, but that area should hold as the SNB has made it their “line in the sand”. Because of this, we only buy, and would either do so on a dip, or a break above the 1.2225 area.
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