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EUR/CHF Traders Trying to Defend the 1.20 SNB Floor
Defending 1.20: Note the many long tails that have been forming in the past week. These tails reflect the market’s respect for the Swiss National Bank’s (SNB) floor at 1.20. (The SNB has vowed to maintain the EUR/CHF above 1.20 in order to keep the CHF exchange rate from ballooning and hurting Swiss exports.) 1.2060: It looks like we are getting many buyers as price approaches 1.20, but price remains bearish. At this point a break above 1.2060 will be needed to show that the 1.20 floor is defended. Bearish Trend: When, we take a step back and look at the daily chart. We can see that it has also been bearish. ... (full story)
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