Market are on alert for a possible currency intervention from the Swiss National Bank who back in September set a floor on the exchange rate they were willing to allow for the EUR/CHF at 1.20. Well, the market for the first time is testing the floor therefore testing the Swiss National Bank’s resolve. We are beginning to think this may be a good play and could possibly start thinking of ideas and instruments to use to bet that the Swiss National Bank will succeed in keeping the Swiss Franc above its predetermined floor.

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