The 1.2000 floor in EUR/CHF was set in September 2011 when the SNB said it would buy the Euro using an unlimited supply of Swiss Francs, and the currency pledge was reiterated by the central bank in its June meeting.
The accompanying rate statement released after the announcement said that the SNB “will continue to enforce the minimum exchange rate of CHF 1.20 per euro with the utmost determination”.
Trading range for EUR/CHF in the past 2 month has been 1.2125 to 1.2500. Current price is near to the bottom of the trading range.
Buy EUR/CHF at 1.2232
Stop level at 1.1995
Target level at 1.2470
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