The Swiss National Bank didn’t raise the floor under EUR/CHF. It didn’t make a new effort to weaken the Swiss franc. Many had expected that the Swiss would lift the peg from 1.20 to 1.25 or even 1.30. This didn’t happen. This sends EUR/CHF falling sharply from 1.2350 to 1.2250 and the pair is still shaking. Given the situation in the euro-zone and the fall of the euro, further pegging their Swiss franc to the troubled currency probably wouldn’t be so wise, even though the euro-zone is the main trade partner of Switzerland. The SNB said that they will defend the 1.20 peg with “utmost determination” and repeated their commitment to buy unlimited quantities of foreign currency. The Swiss National Bank left the Libor Rate unchanged at 0.25%, as expected. The big Swiss intervention in September was very successful. It lifted the pair from around 1.10 to 1.20, and the SNB has been able to maintain this floor since then. In general, this statement repeats their words from September. EUR/CHF was trading very choppily before the release, falling sharply from 1.24 to 1.23 and up again to 1.2350 just before the publication of the Libor Rate Decision by the Swiss authorities. This has an immediate impact on USD/CHF and also on EUR/USD. USD/CHF is falling sharply, from around 0.9530 to 0.9430. No push to weaken the Swiss franc means a stronger franc across the board. EUR/USD is moving in a more moderate manner. After it managed to climb back above 1.30 earlier, it now edges up a bit more, to 1.3033. 1.3060 serves as resistance. Update: EUR/USD is weakening despite positive euro-zone PMIs. This was bound to happen – no move to strengthen the euro eventually weakens it. EUR/USD is under 1.30 once again. In the euro-zone PMIs came out better than expected, and this also helps the euro. For more on EUR/USD, see the EUR/USD forecast. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Expert score 5 Etoro - Best For Beginner & Experts0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 5 Read Review Open My Free Account Your capital is at risk. Forex News share Read Next Euro-zone PMIs All Exceed Expectations – EUR/USD Unimpressed Yohay Elam 10 years The Swiss National Bank didn't raise the floor under EUR/CHF. It didn't make a new effort to weaken the Swiss franc. Many had expected that the Swiss would lift the peg from 1.20 to 1.25 or even 1.30. This didn't happen. This sends EUR/CHF falling sharply from 1.2350 to 1.2250 and the pair is still shaking. Given the situation in the euro-zone and the fall of the euro, further pegging their Swiss franc to the troubled currency probably wouldn't be so wise, even though the euro-zone is the main trade partner of Switzerland. The SNB said that they will defend… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.