Forex: EUR/CHF soars to 1.2137 high

The EUR/CHF is rallying once again on Friday after a lifting off from 1.2010 on Wednesday and position itself around 1.2050 on Thursday. Already edging higher by +0.70%, at 1.2137, the EUR/CHF current upside might be triggered by speculation that the SNB will eventually raise the floor to stimulate the economy. The falling bond yields after Draghi’s announcement may also be supporting the EUR/CHF strength. The SNB isn’t making any comments on the sudden rally. 

The SNB revealed its FX reserves in August, which increased from CHF 408.6B to CHF 418.4B.

The pair approaches March 15 high at 1.2140 and March-14 high at 1.2147. After that, the EUR/CHF would be entering in January prices. On the downside, the cross continues to be supported by the SNB at 1.2000/10.