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  1. #1
    Junior Member

    the big CHF move !!!

    Today, we saw a big fat move for the CHF against EUR and USD as SNB pulled the carpet underneath EUR.. However the question is, will the EUR comes back at CHF considering that the SNB chief claims that CHF will return to more normal levels soon.


    What do you guys think? Is it a good time to buy EUR and USD against CHF and set a long term expiry time, say a month?

    Also, could someone explain to me what is QE that we are waiting for on 22nd jan from the ecb?

  2. #2
    Legendry Member milos's Avatar
    SNB shocked financial markets today by abolishing the minimum three year course.Markets concerned about the significant strengthening of the franc against the euro and the serious consequences that the abolition of exchange rate caused.

    Minimum course was introduced during large overvaluation of the Swiss currency and the extremely high volatility of financial markets.Such an extraordinary and temporary measure protected the Swiss economy from serious problems.

    The euro is quite weakened against the US dollar.It has led to a weakening of the Swiss franc against the US dollar.SNB is concluded that it isn't justified to continue to retain and maintain the minimum exchange rate franc against the euro.

    Experts point out that for months now perform pressure on Switzerland to because of its strong economy increases franc.A complete turnaround has strengthened the franc by almost 30% against the euro in the chaotic first minutes of trading.

    There was a week before the meeting of the European Central Bank.It is expected to announce the start of bonds buying program it could force the SNB massive selling francs to the euro in order to defend the exchange rate.

  3. #3
    Legendry Member Okane's Avatar
    Interesting. Thanks for explaining. I am still a bit condused though haha. Fundamenrals not my thing.

  4. #4
    Legendry Member milos's Avatar
    Avoid to trade in CHF pairs so far.

  5. #5
    Legendry Member Michael Hodges's Avatar
    I just saw that FXCM is going under because of the sharp moves caused by the SNB ....

  6. #6
    Legendry Member Okane's Avatar
    Quote Originally Posted by milos View Post
    Avoid to trade in CHF pairs so far.
    Got it, thanks, I will stick with my EUR/USD :P
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  7. #7
    Legendry Member milos's Avatar
    Brokerages suffered yesteday.New Zealand Excel Markets announced that it will have to close the deal.IG Group has announced the loss of 30 million pounds of FXCM even $225 million and the Swiss Swissqoute minus of 25 million francs.Thomas Jordan,president of the SNB was yesterday the most hated figure in the FX business,not just forex and binary options traders but also brokers,including banks.Currency war has been begun.

  8. #8
    Legendry Member Michael Hodges's Avatar
    Quote Originally Posted by Okane View Post
    Got it, thanks, I will stick with my EUR/USD :P
    this pair got hit too, but less hard, the eur hit a new low though!

  9. #9
    Legendry Member Okane's Avatar
    Quote Originally Posted by Michael Hodges View Post
    this pair got hit too, but less hard, the eur hit a new low though!
    True, I was however expecting EUR/USD to fall further down so I am not that surprised.
    Perhaps it'll make it to 1.1 soon enough. For me, economically, a strong dollar is very favorable .
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