Euro/dollar is below the launch date of 1.17 set in 1999. The low so far is 1.1565 but the pair bounces from these levels. This happens as the Swiss National Bank ends its 1.20 floor under EUR/CHF. A huge drama in the forex markets. EUR/USD falls to the lowest since November 2003 – guide to the next big levels Update: EUR/USD makes a huge bounce back up above 1.17 in the counter reaction to this big surprise. EUR/CHF remains paralyzed. It was too hard for the SNB to defend these levels. Analysis: What does the SNB know about ECB QE? Can an unlimited QE3-style program be on the cards? Update: SNB also breaks the brokers – Some MT4 providers removing CHF quotes – slowly coming back online. More: SNB move in ECB context – Reactions To SNB Move – JP Morgan, Deutsche Bank, SEB Even more: SNB governor: Cap end was not a panic move but needed to be a surprise And even more: 3 hints from the SNB that ECB QE is going to be really big The head of the Swiss National Bank Thomas Jordan has scheduled a press conference for 12:15 GMT. Here is a quote from the surprising SNB decision:(bolding mine) Recently, divergences between the monetary policies of the major currency areas have increased significantly – a trend that is likely to become even more pronounced. The euro has depreciated considerably against the US dollar and this, in turn, has caused the Swiss franc to weaken against the US dollar. In these circumstances, the SNB concluded that enforcing and maintaining the minimum exchange rate for the Swiss franc against the euro is no longer justified. The SNB is lowering interest rates significantly to ensure that the discontinuation of the minimum exchange rate does not lead to an inappropriate tightening of monetary conditions. The SNB will continue to take account of the exchange rate situation in formulating its monetary policy in future. If necessary, it will therefore remain active in the foreign exchange market to influence monetary conditions. Spreads on the Swiss franc have skyrocketed. The Swiss franc is surging across the board while the euro is falling, while it is rebounding. Markets are certainly moving fast. The aftershocks continue and EUR/USD is still battling 1.17. EUR/CHF is 1.1757. The SNB lowers the interest rate to minus 0.75%. This was totally unexpected. A big day in the markets is an understatement to this event. more coming 3 reasons to sell EUR/USD targeting 1.10 – Deutsche Bank Here is a chart that captures the bounce after the fall: More: SNB Action Hints At A Steady EUR/USD Drop From Here – Danske 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 EUR/USD DailyForex News Today: Daily Trading News share Read Next SNB governor: Cap end was not a panic move but Yohay Elam 7 years Euro/dollar is below the launch date of 1.17 set in 1999. The low so far is 1.1565 but the pair bounces from these levels. This happens as the Swiss National Bank ends its 1.20 floor under EUR/CHF. A huge drama in the forex markets. EUR/USD falls to the lowest since November 2003 - guide to the next big levels Update: EUR/USD makes a huge bounce back up above 1.17 in the counter reaction to this big surprise. EUR/CHF remains paralyzed. It was too hard for the SNB to defend these levels. Analysis: What does the SNB know about ECB QE?… 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.