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This is the first time I trade EUR/CHF since the peg was introduced as I wasn't even watching this pair during this whole time, but now that SNB has removed the floor, and at least in theory, they're letting the market to decide the exchange rates. Because in practice if you have been watching the PA you could have noticed it's very manipulative. There are many rumors that SNB is intervening in the market and is trying to maintain a dirty float between 1.0500 and 1.1000 as some rumors are saying.
We can be sure if SNB is really behind this in few days when SNB will be publishing his balance sheet.
So, in this regard, I was trying to fade SNB action and went short both USD/CHF and EUR/CHF (see Figure below)
In EUR/CHF case we had 1.0600 strong resistance, which I though is going to hold the price and we had 0.9300 resistance on USD/CHF. The reason why I decided to play on both of this pairs was in the case the move where no-related to CHF,in which situation both pairs would have move in opposite direction as it was the case here, basically it was an "synthetic hedge", because I was only hedging one leg. I was protecting from a bigger loss, however if we had the scenario where CHF would weaken, than my losses would have been bigger, but the probability where not favorying that scenario.
Best Regards,
Daytrader21
We can be sure if SNB is really behind this in few days when SNB will be publishing his balance sheet.
So, in this regard, I was trying to fade SNB action and went short both USD/CHF and EUR/CHF (see Figure below)
In EUR/CHF case we had 1.0600 strong resistance, which I though is going to hold the price and we had 0.9300 resistance on USD/CHF. The reason why I decided to play on both of this pairs was in the case the move where no-related to CHF,in which situation both pairs would have move in opposite direction as it was the case here, basically it was an "synthetic hedge", because I was only hedging one leg. I was protecting from a bigger loss, however if we had the scenario where CHF would weaken, than my losses would have been bigger, but the probability where not favorying that scenario.
Best Regards,
Daytrader21
