EUR/CHF extends gains on the day

  • EUR/CHF still moving higher
  • Hit a fresh intraday high of 1.0718 earlier
  • No news/fundamentals that could have driven the CHF move today
  • SNB Chairman Jordan spoke yesterday and said that the central bank is ready to intervene if necessary
  • Nothing new and the SNB has lost a lot of credibility after dropping the 1.20 floor a month ago
  • However, the break above the technical resistance level of 1.0650 could have sparked fresh buying from leveraged names + possible that SNB is active in the markets

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