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EUR/CHF

  • #12,601
  • Edited 7:40am Oct 31, 2014 6:29am | Edited 7:40am
Quoting Fana
{quote} Thank you. Here is mine. 3X5lot now. I dont show my SL... sorry, some big boy can target that then:-). {image}
The big boys will know anyway, because your broker knows.
Never use SL, place them as automated actions in the trading platform, client side.
That will also prevent being artificially spiked out of trade.
  • #12,602
  • Edited 5:18am Nov 3, 2014 4:36am | Edited 5:18am
New week, old story. The morning opened with some skirmish in Asia after some brave heart tried to correct the slump of the last hours on Friday. Not much came out of it, when the bears start driving down they do in a so clearly recognizable linear pattern. Too bad these are small variations, that may not even be worth of getting into.
  • #12,603
  • Nov 3, 2014 6:27am Nov 3, 2014 6:27am
They dont want to sell their currency reserves and buyback CHF...
http://www.bloomberg.com/news/2014-1...lls-temps.html
  • #12,604
  • Nov 3, 2014 7:13am Nov 3, 2014 7:13am
Quoting Fana
They dont want to sell their currency reserves and buyback CHF... http://www.bloomberg.com/news/2014-1...lls-temps.html
Interesting, thanks for the link.
It shows why some people started to call the SNB the biggest hedge fund on the planet.

So the guy confirms clearly that they can't defend the 1.20 floor with 20% minimum gold reserves, for those who didn't believe that.
Now the sentence that they "oppose" the minimum reserve is the most interesting part, I find: What does that really mean ? That they are against the idea, of course. They will try everything they can to influence the vote to get a NO, that is clear (always was). But should the Yes win, what will they do, not respect their citizens will ??? I'm not sure how to interpret this "oppose"...
  • #12,605
  • Nov 3, 2014 7:16am Nov 3, 2014 7:16am
if there is down pressure on EC SNB buys EUR, then sell EUR for USD and with USD buys gold physical on CME.

so can anyone explain to me why would 20% gold reserves have negative influence on 1.2 EC peg,
  • #12,606
  • Nov 3, 2014 7:31am Nov 3, 2014 7:31am
Quoting zoran22
if there is down pressure on EC SNB buys EUR, then sell EUR for USD and with USD buys gold physical on CME. so can anyone explain to me why would 20% gold reserves have negative influence on 1.2 EC peg,
I already wrote several times about that, just look in the thread.
Basic answer is that gold is FAR from being unlimited, unlike fiat currencies created out of thin air.
  • #12,607
  • Nov 3, 2014 7:54am Nov 3, 2014 7:54am
If the referendum is 'yes', then Cantons have to approve it, then government has 3 years to prepare law, then there ares 5 years to implement the changes, so nothing will happen immediately. It can take 8 years.
  • #12,608
  • Nov 3, 2014 11:46am Nov 3, 2014 11:46am
Quoting dd303
If the referendum is 'yes', then Cantons have to approve it, then government has 3 years to prepare law, then there ares 5 years to implement the changes, so nothing will happen immediately. It can take 8 years.
How likely are the cantons to approve it given the opposition by the government?
  • #12,609
  • Nov 3, 2014 12:08pm Nov 3, 2014 12:08pm
Quoting JamesCaan
{quote} How likely are the cantons to approve it given the opposition by the government?
They want to be re-elected
  • #12,610
  • Nov 3, 2014 12:48pm Nov 3, 2014 12:48pm
Latest Survey:

Support for the movement to raise the Swiss National Bank’s physical gold assets to 20 percent of its balance sheet is beginning to dwindle, according to the latest poll.

Public support for the ‘yes’ vote has fallen to 38 percent from 45 percent, according to a poll by popular Swiss news site 20 Minuten, dampening expectations for a bull-run that many had predicted if the Swiss People’s Party (SVP) initiative were voted into law.
The poll, which surveyed around 12,500 voters, showed 47 percent of those surveyed opposing the proposals, while 15 percent remained undecided.

http://www.bulliondesk.com/gold-news...indling-84431/
  • #12,611
  • Nov 3, 2014 12:51pm Nov 3, 2014 12:51pm
Thank you SwissGerman! How do you see the currency from the citizen-view? Thank you.
  • #12,612
  • Nov 3, 2014 1:52pm Nov 3, 2014 1:52pm
Can i just ask how you guys find trading the EURCHF?


the closeness between EUR and CHF makes it pretty tight, and was it the CHF central bank that said 1.20 was the target exchange rate?
  • #12,613
  • Nov 3, 2014 2:12pm Nov 3, 2014 2:12pm
Quoting AbbWells
Can i just ask how you guys find trading the EURCHF? the closeness between EUR and CHF makes it pretty tight, and was it the CHF central bank that said 1.20 was the target exchange rate?
Hi AbbWells and yes.
They consider intervention to protect "the floor" ...deflation . In fact they can intervene now, or never... I trade the "long-intervention side of this pair" now. In this case, it can fly very high, as you can see at the 10Year history... "possible" is the word... Lets see, what will happen. Cheers
Attached Image (click to enlarge)
Click to Enlarge Name: CHF 10years.jpg Size: 72 KB
  • #12,614
  • Edited 6:10pm Nov 3, 2014 5:52pm | Edited 6:10pm
More FX fixing evidence

Taking a break from discussing this boring pair
http://www.bbc.com/news/business-29876438

Couldn't find more detail.
  • #12,615
  • Nov 4, 2014 8:34am Nov 4, 2014 8:34am
How likely are the cantons to approve it given the opposition by the government?

2/3 of SNB's net profit goes to the cantons. In 2013 after many years of profit, SNB made a minus, mainly due to the falling gold price. Source - http://www.snb.ch/en/iabout/snb/anna..._annac_balance

SNB PROFITS
The determination and distribution of profits are governed by the National Bank Act (arts. 30 and 31). According to these articles, the SNB shall set up provisions permitting it to maintain currency reserves at the level which is necessary for monetary policy. In so doing, it shall take into account the development of the Swiss economy. A dividend not exceeding six percent of the share capital shall be paid from the net profit. One-third of any net profit remaining after the distribution shall accrue to the Confederation and two-thirds to the cantons.
The current annual distribution to the Confederation and the cantons amounts to CHF 1 billion, and will be made only if the distribution reserve is not negative after appropriation of profit.
More details may be found under profit and distribution of profit.

Source - http://www.snb.ch/en/iabout/snb

The cantons have serious interests in keeping a profitable SNB. Imagine the loss from last year with 20% of gold.
  • #12,616
  • Nov 4, 2014 9:04am Nov 4, 2014 9:04am
Quoting Devabala
How likely are the cantons to approve it given the opposition by the government? 2/3 of SNB's net profit goes to the cantons. In 2013 after many years of profit, SNB made a minus, mainly due to the falling gold price. Source - http://www.snb.ch/en/iabout/snb/anna..._annac_balance SNB PROFITS The determination and distribution of profits are governed by the National Bank Act (arts. 30 and 31). According to these articles, the SNB shall set up provisions...
Fully agree. It is unlikely that the swiss people will vote for yes. If it happens anyhow, it is almost impossible that the cantons will approve the yes vote.
  • #12,617
  • Nov 4, 2014 11:08am Nov 4, 2014 11:08am
Now 1.20442, wtf
  • #12,618
  • Nov 4, 2014 11:12am Nov 4, 2014 11:12am
Long 75 lots at 1.20442.

SL 1.19999 TP 1.25
  • #12,619
  • Nov 4, 2014 11:17am Nov 4, 2014 11:17am
nice to see my buy limit at 2045 that i set 2 weeks back just got executed. but not super heavy though, just 1 lousy lot , would add more should it drop further.
  • #12,620
  • Nov 4, 2014 11:20am Nov 4, 2014 11:20am
Quoting JamesCaan
Long 75 lots at 1.20442. SL 1.19999 TP 1.25
that my friend is what i call a bazooka
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