16 Jan 2015
EUR/CHF falls back below parity
FXStreet (Córdoba) - The euro fell back below parity versus the Swiss franc during the American session in a extremely thin market following the SNB decision to remove the EUR/CHF floor, unleashing turmoil across markets.
EUR/CHF lost thousands of pips on Thursday and finally set a fresh historical low around 0.8500 before starting to correct higher. The euro-franc managed to reached a high of 1.0248 and it has spent the last sessions trading nervous within the 0.9780-1.0250 range. At time of writing, EUR/CHF is trading at the 0.9825 zone, 18% below the 1.2000 floor that vanished yesterday.
The so-called "SNB shocker" caught markets off guard, triggering an unprecedented turmoil that emptied investors accounts and sent a few FX brokers to the edge of bankruptcy.
"EUR/CHF is extremely thin but more importantly, much of the market is fearful and doesn’t have an opinion on where it should go", said Adam Button, editor at ForexLive.
EUR/CHF lost thousands of pips on Thursday and finally set a fresh historical low around 0.8500 before starting to correct higher. The euro-franc managed to reached a high of 1.0248 and it has spent the last sessions trading nervous within the 0.9780-1.0250 range. At time of writing, EUR/CHF is trading at the 0.9825 zone, 18% below the 1.2000 floor that vanished yesterday.
The so-called "SNB shocker" caught markets off guard, triggering an unprecedented turmoil that emptied investors accounts and sent a few FX brokers to the edge of bankruptcy.
"EUR/CHF is extremely thin but more importantly, much of the market is fearful and doesn’t have an opinion on where it should go", said Adam Button, editor at ForexLive.