EUR/CHF: I expect the SNB support at 1.2000 to break

There is simply no way that the SNB can justify buying massive amounts of EUR whilst the ECB is heading into a cycle of QE. With the Gold referendum in Switzerland putting even more focus on central bank activity, pretending that you can hold the financial markets at bay is a fools errand.

The support level at 1.2000 may hold the first attempt and possibly even the second, but in my view its only a matter of time before the floodgates open.

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