EUR/CHF and USD/CHF spiked fueling rumors of SNB action. EUR/CHF traded a big figure higher to hit 1.5373 highs and USD/CHF rallied out of 1.0930 to hit 1.101 highs. There has been no confirmation or flow talk as yet, while the SNB have said it does not comment on currency moves. The CHF sell off has been pinned on a U.S. house and Swiss name, while there has been CHF demand at the lows from names that would usually know what’s going on, which suggests that this was not central bank action on this occasion. However, there is speculation of quasi-official bids in EUR/CHF ahead of 1.5300 currently, which should leave the market on tenterhooks.
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