Some blame talk of Swiss bank intervention for the EURUSD rise

Written February 18, 2010 at 10:46 AM EST by  

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gregmike-00478

There are some who are speculating the EURUSD was moved higher on the back of Swiss National Bank intervention.  This is unconfirmed but the financial writers always have to write about something and this sounds as plausible as any. Looking at the EURCHF the price did move higher from lower levels.

Whether there was intervention of not, what is clear is that the 1.4632 level is a level the market gets worried about. However, with the EURO weakness on the back of the Greece situation, the natural reaction would be to sell the EURO and buy the safer haven Swiss Franc.  So although the EURCHF did catch a quick bid, we are seeing the selling return and that has been the pattern for the pair on all the rumored interventions over the last few weeks. The EURCHF will likely remain range bound as a result.

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