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CHF: SNB Intervention Level - Morgan Stanley
When the SNB tells you they think the CHF is overvalued, you wouldn't think USDCHF hitting an 8 month high and approaching 1.08 EURCHF has been falling to approach the 1.08 level, which we think has been a line in the sand for the SNB before. Of course whether the SNB intervene to stop the CHF appreciating will depend on the pace of the EURCHF move but we are finding that pace is becoming increasingly related to reaching this 1.08 level. Actually the SNB doesn't hide away from the fact they have been intervening since formally removing the floor in January 2015. The SNB's VP Fritz Zurbruegg said yesterday “We ... (full story)