The Swiss National Bank didn’t raise the floor under EUR/CHF. It didn’t make a new effort to weaken the Swiss franc. This sends EUR/CHF falling sharply from 1.2350 to 1.2250 and the pair is still shaking. The big Swiss intervention in September was very successful. It lifted the pair from around 1.10 to 1.20, and the SNB has been able to maintain this floor since then. EUR/CHF was trading very choppily before the release, falling sharply from 1.24 to 1.23 and up again to 1.2350 just before the publication of the Libor Rate Decision by the Swiss authorities. This has an immediate impact on USD/CHF and also on EUR/USD. ... (full story)