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Video: EURCHF Setup Looks Even Better After ECB, SNB Actions

Video: EURCHF Setup Looks Even Better After ECB, SNB Actions

2014-09-19 02:16:00
John Kicklighter, Chief Currency Strategist
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Talking Points:

• While the ECB's Target-LTRO uptake was smaller than expected, the central bank is still dovish

• Meanwhile, the SNB decided to keep to its defense of the 1.2000-floor

• As trends hold, pressure for EURCHF to drop to its floor will increase; but where to from there?

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One of my favorite setups doesn't have the flash of event risk or high volatility. However, EURCHF has the fundamental, technical and market condition backdrop that make for an exceptional opportunity. Over the past session, the market took in the ECB's latest liquidity effort and the Swiss National Bank's (SNB) policy meeting. The latter realized a smaller-than-expected demand which offered the Euro a temporary boost. The latter decided to keep its vigilance over the 1.2000-floor on EURCHF it introduced three years ago. This is status quo on both sides that will keep the pressure into that artificially boundary. The move from there and the strategy surrounding it is the subject of today's Strategy Video.

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