APosner
Long

is the snb weakening their currency?

FX:GBPCHF   British Pound/Swiss Franc
27 0 2
The British Pound has been getting crushed by the Swiss Franc since 11/21 but starting 4/8 the Pound has managed a nice counter-trend rally. The reasons for traders to flock to the Franc for the Pound are more than I wish to list in this post. Any currency can manage a counter trend rally, but if the fundamentals are against that currency, the rally will quickly run out of steam.

If the Pound breaks through the 1.4100-1.4150 level, it currently occupies and starts a rally to the 1.47 area the technical damage is substantial, and we declare the downtrend over. From a fundamental standpoint, there is no apparent reason for the market's sudden change of heart.

One possible explanation is an intervention by the Swiss National Bank who don't like to see their currency become two strong since it makes exports expensive and can be harmful to the economy.
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