EUR/CHF fell to 1.2005 yesterday before closing at 1.2027. The cross managed to remain firmer during the Asian session on Tuesday but approached 1.200, a level that the SNB pledged to defend, in the European session. EUR/CHF’s moves have attracted many traders’ attention. Now, the question is will the SNB, which hasn’t intervened in the market since September 2012, step in the market to contain the CHF’s appreciation? Will the market believe that the SNB can have a considerable influence on EUR/CHF even if Swiss voters accept the Save Our Swiss Gold initiative?
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