EUR/CHF fell on Friday as traders sold off riskier currencies. We warned that this pair could fall a bit, but it cannot be sold with the Swiss National Bank setting a floor at 1.20, and until the EU gets its act together, we are going to have a hard time buying it either. In some ways, this could be the most sensitive pair to the crisis in Europe, at least if they find a solution. If so, this pair will skyrocket. If not, it could fall, but that is only inviting intervention by the Swiss. We are watching both the debt crisis in the EU and this chart for a signal, but see none at the moment.
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