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Ok, here a different view about the stoploss situation, get ready:
Now, we know that 90% of retails are long, and that huge stops are below the peg.
However, such bulls exposure on the pair isn't working as expected, infact the price is down and not up.
So, let's take for a second for true the hypotesis that most of the retail brokers are not hedging the long positions in the market (clients buy but such buys remain inside the broker dealing house), at this point there are no retail-stops below the 1.20 level.
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your analysis right in terms of EUR/CHF But you treated it as one pair
Bifurcate to understand
EUR/USD
USD/CHF
Easy to say.. EUR/CHF went down despite so much purchase as most purchased EUR/USD and sold USD/CHF.
If you say 25 billions have purchased EUR/CHF
It is easy to say 40-50 billions easily shorted the most liquid pair (EUR/USD)
USD/CHF ( Not many traders have purchased this pair as they have shorted EUR/USD), assume 10 billion purchased this pair and rest shorted.
40 billion -10 billion (30 billion), still 5 billion more shorted EUR/CHF
Above is example how it corelates.. the values may be different and vary
These market makers cover their risk not directly this pair But buying huge call options in case pair goes up which is much cheaper than hedging Forex directly.
SNB also sold VIX and options to make sure no one cross these barriers.