The Swiss Franc is a fickle mistress. After killing all the shorts (most notably Dighton Capital), she’s now turned her sights on the longs. We’ve said it before, and we’ll say it again- timing is everything. Check out what happened yesterday:
The Swiss Franc ultimately fell 8.7% against the Euro yesterday, as the Swiss National Bank announced they would be functionally capping how high their currency could rise, threatening to purchase as many Euros as necessary to keep a EUR/CHF exchange rate floor of 1.20. If the Euro Crisis continues (as it looks like it will- thanks, Greece), that could get pricey for the Swiss, but they seem pretty determined to follow through.
So the shorts get to say, “I told you so”, just weeks after the longs were spewing that same mantra. If we’ve said it once, we’ve said it a million times. Forex trading is not for beginners, or even pros at this rate.
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