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Commentary Topic from greenfaucet

WARNING - EUR/CHF in Intervention Territory

The foreign exchange market is fairly quiet this morning with no U.S. economic data on the calendar. All of the action happened overnight in EUR/CHF which broke the 1.50 handle during the Asian trading session. The violent sell-off in the currency pair is indicative of all the stop orders that were sitting below 1.50. Once that price level was broken, EUR/CHF plunged 100 pips in 5 minutes. Since then the currency pair has hung below 1.50, with the Swiss National Bank no where in sight. EUR/CHF in Intervention Territory