The GBP/CHF shot straight up during the Thursday session as a member of the SNB was quoted as suggesting that a peg to the Euro is one possibility to help stem the rise of the Franc. Of course, this isn't a policy decision, and it isn't official business, so one feels that it is only a matter of time before we see a continuation of the selling pressure. We are currently eying between this area and 1.25 as an excellent place in which to sell if we get bearish action.
The EUR/CHF pair is doing much the same move. The level that we are approaching is the 1.10 area, and we feel that any bearish action will be sold and sold hard. The trend is still down, and will continue to be so for the foreseeable future.
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