EUR/CHF: A History of Currency Interventions, January, February 2010

EUR/CHF sits at 1.4632, seeing very steady trade.

I guess we should note that the SNB quite likes intervening on a Friday.

The EUR/CHF has popped from 1.4630 to 1.4675 on rumours of SNB intervention. No confirmation yet but it looks to be genuine.

Swiss consumer sentiment index -7 in Q1, better than median forecast of -10.

EUR/CHF has traded a little firmer this morning, presently at 1.4730, amid rumour of SNB intervention.

Personally I’d expect the jump in the cross to have been more marked if they were actually in.

Have had no confirmation yet but it certainly looks like they may have been up early.

The stops are obviously placed above 126.70 in EUR/JPY for a very good reason; there’s excellent selling just ahead of there. The market stalled at 126.53 last night and at 61 today so there’s definitely something happening at this level. EUR/USD has backed off a little along with the cross but I am now a committed dip-buyer in EUR/USD and in all the EUR crosses.

UBS feels there could be a little volatility on the way, citing the possibility of comments from Swiss central bankers at the World Economic Forum in Davos.  Here’s hoping.

EUR/CHF trading at session low 1.4715, the data giving swissy a little support.

Roll the jaws music, dum, dum, dum, dum, dum, dum……..

Guess we’re about to see whether those earlier touted buy orders down at 1.4700/10 do infact contain BIS interest.

EUR/CHF trades at 1.4728 presently, effectively unchanged from where North America closed out Wednesday.  Talk of buy orders down at 1.4700/10. Some mumblings that BIS interest in lying there. Take it for what you will. Guess we should be attuned to the possibility of intervention at these lowly levels.

EUR/CHF is heading higher, presently at 1.4805 from an early 1.4785.  Talk yesterday of BIS buy interest (unsubstantiated) and we can expect more talk to emerge any second.

Well I stand corrected. Talk BIS has entered market buying EUR/CHF, cross presently up at 1.4785 having been as high as 1.4802.

(see, I felt BIS was readying to do something. Just that my radar was a little wonky and it steered me toward EUR/USD. Got a technician adjusting it with a screwdriver as we speak.)

EUR/CHF is trading a little higher, presently at 1.4765 from early 1.4750.  Has the SNB finally turned up? Answers on a postcard.

Naw, would have spiked if they had been seen.  Worth keeping an eye on things though.

• SNB has no exchange rate target but will monitor forex market developments very closely.

EUR/CHF up at 1.4775 from early 1.4750,  USD/CHF up at 1.0190 from early 1.0160.