The EURCHF ground down to just above the 1.20 floor at Friday close.

EURCHF

The Swiss national bank have repeatedly said that they will defend the 1.20 floor they set with vigor and unlimited resources , if they are to retain any credibility at all they have to intervene here next week.

They did intervene earlier in the week when apparently speculators pushed the pair under the 1.20 very briefly, this cost them 1bln euros.

There are rumours of 34bln in sell orders sitting below the 1.20 level. If they get triggered goodness knows where this pair will end up .

Next week is really going to be a test of the SNB’s resolve .