Wow!
As of today the SNB will no longer tolerate a EUR/CHF below 1.20 francs. In other words the SNB joins the money printing policy which leaves gold as the last save haven...
After hitting the 1.18ish resistance the EUR/CHF sold off again and closed the gap around 1.11 early September. From this level we got the huge SNB spike today to way above 1.18ish. Next resistance is around 1.24, suppport at 1.18-19.
If you have a look at the action in 2009 (orange circle) you can see that there was actually no action - the EUR/CHF traded around 1.52 for the entire year. Back then the SNB didn't tolerate a EUR/CHF below 1.5. Today the minimum rate is 1.20 so if the SNB really wants to defend the 1.20 level we might see the same again: sideways between 1.20-24 for the next few months.
But mabe the situation will change again in two weeks when the FED strikes back... ; )
