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EUR/CHF Stalls At Key Support Whilst Signs Of SNB Intervention Are Growing
Despite the nice downtrend on EUR/CHF, we urge caution amid signs of SNB's FX intervention. Focussing purely on the technicals, EUR/CHF has provided a decent bearish trend on the daily chart, having shed over -5.5% since its April high. The 20-day eMA is capping as resistance and Friday’s bearish engulfing candle suggests a swing high is in place. However, given there are signs that SNB are once again intervening in their currency, we urge caution around current levels. SNB’s sight deposits are a proxy for their levels of intervention, which they tend to perform when the Swiss Franc becomes too strong relative to ... (full story)