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Looking at Euro's relative resilience against Franc, suggests that Swiss National Bank (SNB) might be very active in the pair. While Euro is down close to 350 pips against Dollar as President Draghi indicated that European Central Bank (ECB) might ease policy post December, it is down just by less than 100 pips against Franc.
- Given large trade imbalance of Switzerland with Euro Zone, SNB has made it's a de-facto priority to not to let Euro depreciate much against Franc. Large balance sheet increase and Euro's inability to break below 1.02 against Franc suggested heavy intervention by SNB to protect the level.
Price action post ECB press conference suggests SNB to active in the pair. If FED sounds hawkish this week SNB might have to become more active in the pair.
However, the bank is facing tough time and is likely to face more if ECB do ease policy further in December or first quarter next year. SNB decided to abandon its 1.2 Euro-Franc peg just before ECB unleased massive rounds of asset purchase.
Euro is currently trading at 1.082 against Franc.
