The rate having traded to a low of Chf1.2106 Monday on reaction to the resignation of SNB Hildebrand, but large expiry interest at this level suggested to be providing some attractive influence over the rate for the time being, despite Jordan, a key supporter of the Chf1.20 floor, being put in as temporary head of the SNB. The Chf1.2100 level also holds barrier interest with talk of decent sized stops placed on a break below, though any break expected to meet decent demand into $1.2090, ahead of Chf1.2050/30. Rate currently trades around Chf1.2116, off Asian lows of Chf1.2107.
EasyForexNews Research Team